The former Chelsea man signed a one-year deal with the Baggies, having spent a short spell last season with Serie A champions Juventus.
Reid believes the signing of the Frenchman is something of a coup, and hopes manager Steve Clarke will be able to convince more players of the same calibre to the club.
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“He’s a name. I’m sure he had a lot of offers to go all over the world. To come here can attract big name players. People are seeing that we’re signing the likes of Nicolas Anelka.
"That can only help take us onto the next level."
Reid has also hinted at a successful partnership between Anelka and Republic of Ireland striker Shane Long.
“I think they can do well, looking at the way Nicolas played in the week, and how he played in training, he seems to enjoy dropping off the main striker but he can also play as that main striker," he added.
“When he does drop into those holes and slide passes through I think both he and Longy could do well.
“I can’t remember playing against him although I have. I do remember him at Chelsea playing wide. he was more of a No.9 at Bolton. He has the ability to play any attacking role."
Reid has also underlined the importance of the season from a personal perspective after struggling with injuries last season and making only 11 Premier League appearances.
Reid, who has signed a new one-year deal, admitted: “This is a big season for me, depending on myself.
"If it goes well I carry on. If it’s another injury-hit season we will see what happens at the end of this season."