"It's confirmed, we have agreed a deal," the AFC Executive Committee member told Reuters.
"He is the one we wanted, he has a lot of experience and I'm confident we will have success with Peter in charge," he continued.
"His background in England as a coach and as a player will be invaluable to us."
Reid has been in charge of a team since leaving Coventry City in January, 2005.
Despite this, Worawi is confident that Reid is the man to revive Thailand's flagging international fortunes.
"I want to give him time to build the team and take them to a higher level," he said.
"This won't be easy, we have to give him a chance and that's why we have offered him a long contract.
"We have wasted time before but this time, we want to give ourselves the best chance."