Jones has been a regular in boss Steve Clarke's plans this season while 32-year-old former Republic of Ireland international Reid has managed just 10 appearances, mainly because of injury problems.
And, with the Baggies thought to be scouring the market for a new right-back when the summer transfer window opens for business, Jones is hoping that Reid will be offered another contract to stay put at least for another season.
Jones told the Express & Star: "He's a massive member of the squad. He's a big team player and a very important part of the dressing room.
"He's well respected by all the lads. He's a great character and I think they are all hoping that the club take up the option and he will sign again.
"He's proven this year and last year that, when he plays, he plays consistently well so I can't see why the club wouldn't want to take up the option.
"He's a proven Premier League player and he's got that vital experience. He's a great leader and a great communicator."