Former Anderlecht forward Lukaku, 19, has spent this campaign at the Hawthorns, scoring 10 goals in 14 starts for the Baggies and has made it known he is keen to stay at the club for another year.
The Belgian was one of West Brom's scorers in their 2-0 win at Liverpool on Monday and defender Reid admits he has been surprised by the quality of his team-mate.
"Rom has been amazing, a lot better than I thought he would be," said Reid. "Chelsea decided to loan him out and decided not to recall him last month which we're happy about.
"Hopefully next season there will be a scenario where we can keep him for another year."
Reid added: "Chelsea tend to go with one upfront and they already have Fernando Torres and have signed Demba Ba.
"Maybe it wouldn't be a bad thing for them for Rom to get more games under his belt and, if so, hopefully he could do that with us.
"We saw just how good he can be against Liverpool. Rom tore them apart when the game became more open just like he did against them at our place (when West Brom won 3-0)."
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