The 23-year-old has been on loan at Torquay for the past fifteen months, helping the Gulls avoid relegation last season.
He has played fifteen games for the Plainmoor-based outfit this campaign, scoring in their recent 4-0 win over Maidenhead United.
Reid progressed through the Grecians` youth system and made his senior bow in December 2012.
As well as three separate loan spells with Torquay, Reid has also spent temporary periods with Truro City and Dorchester Town.
Reid is a popular figure at St James`s Park having netted twice on his full League Two debut away at AFC Wimbledon in 2013 and played crucial roles in the 2-1 victory over Plymouth Argyle and the 2-2 draw with Liverpool in the 2015/16 season.
He totalled twenty-three appearances and scored 3 goals for the club.
However, his progress with the Grecians was hampered by injury.