The Belgian joined on a year-long loan at the beginning of the campaign from Chelsea, and has impressed in his time at The Hawthorns.
The 19-year-old scored the second in Albion's 2-0 win over Liverpool on Monday, and Reid hopes it will be a sight that the Baggies will see again next term.
"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. 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.
"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."
Lukaku has netted 10 goals for the Baggies this season.