The Mirror newspaper is reporting that Reid is in a group of top West Ham players whose contracts are to be brought in line with Portuguese defender Jose Fonte, who joined the club in January.
Two years ago Reid signed a six-year agreement ending speculation about possible moves to Mancheter Untied, Liverpool, and Tottenham.
At $123 thousand a week however Reid's deal pales in comparison to New Zealand NBA player Steven Adams who late last year signed a four-year NZ$140m deal with the Oklahoma City Thunder.
That translates to about $673,000 a week.
Reid joined West Ham in 2010 from Danish club FC Midtjylland and has played nearly 200 games for the club who currently sit 11th in the English premier league comptition.