The 32-year-old has agreed a new 12-month deal with the Baggies, taking him into a fourth full season with the club.
The versatile Republic of Ireland international admits he had the opportunity to take on a new challenge away from The Hawthorns, but claims stepping out of the top tier was never in his thoughts.
Reid said in the Birmingham Mail: "There were other options for me. I was in a position where I was available to talk to other clubs, which I did.
"I spoke to a couple of managers, two I've played with, and had really good chats with them.
"But when I weighed things up with the family and where I want to be and play, this was still the best option for me as a footballer."
He added: "The talks, as they do sometimes, were not quite progressing how I liked.
"At that moment in time in the summer I thought that was it but I was still hopeful something might get sorted.
"I spoke to the gaffer throughout the summer and luckily enough the deal was sorted and agreed - and I was delighted to come back.
"I was close to going elsewhere but it was about staying in the Premier League.
"There were better financial offers on the table elsewhere. But, when you weigh it all up, it's the Premier League you want to be playing in. You want to be going to the big grounds.
"There were one or two offers from abroad as well but I've been in the Premier League for a long time and for me it's the best league in the world.
"I'm not showing the other leagues any disrespect. I've played in the lower leagues will Millwall, but the Premier League is the place to be."