Lukaku was outstanding for the Baggies last season on-loan from Chelsea.
Reid told talkSPORT: "The club has done well [in the transfer market]. Anelka has come in and hopefully he can get close to doing what big Rom [Lukaku] did last season.
"He's been looking great in pre-season and we're hoping he can fill that void, but it is difficult to replace a player who can score 17 Premier League goals in a season."
For the big stories and the banter follow us on Twitter: @tribalfootball