The old man from Blackburn and Millwall returned to Albion at the end of last season alongside Michael Appleton, to help Jimmy Shan during his spell following the dismissal of Darren Moore, before joining Clarke in the north of the border.
Reid, who has a lot of experience in training, but is waiting for his first taste in management, has also worked with Clarke at Reading and under another former boss of Albion, Roy Hodgson, Premier League Crystal Palace.
The former international irish Reid has played in 88 games with the Baggies, scoring goals against Arsenal, Coventry, Leicester and Wigan.
It was the end of his playing career at Burnley.
Bolton is on the search for a new manager, after Keith Hill left the club after the confirmation of the fall of the Trotters in League Two when the remaining matches of the League have been decided on a basis of points per game – their second relegation in successive.
Among the other names in contention include Nigel Clough, who recently took his leave after an extended stay at Burton Albion, Gary Bowyer and the former midfielder of Bolton, Kevin Nolan.