The News Of The World claim Ranieri will make a summer move for the Irish international who is regarded as one of the best youngsters outside of the Premiership.
Reid roomed with Chelsea's £17m signing Damien Duff during their friendly last autumn but Roman Abrahimovic could pick-up Forest's prized asset for less than half that price.
The Sunday Express also believe Tottenham will follow-up their interest in the summer but having bought Jermain Defoe for £7m, it's unlikely Pleat will be allowed to spend anymore before the new manager arrives.
Reid is in the Republic of Ireland squad to face Brazil this week which I'm sure will further his already growing potential.