The 19-year-old won Bradford's Player of the Year award on Wednesday.
“I like Reece. He already played some friendlies and in Europe for us. He's a very clever player," Bilic said.
“It was and still is part of the plan for a few to go on loan, minimum one year, maybe two, for them to improve, and them to come back with a clear situation.
“To say, you will play a part for West Ham and be an important player for the squad. After that, we will decide if he's going to do another year, and that has to be at least the Championship, or he's going to stay with us.
"He will stay with us only if he has a good chance to play."