Hobbs has been out since the middle of September with an ankle injury, but he made his return last weekend when Forest took on Rochdale in the FA Cup.
Although the centre-back's comeback did not result in Forest grabbing a win, it was something to be positive about and Reid feels that is a major bonus for the Reds.
"Jack Hobbs has just come back into the team, which is fantastic for us," he told the BBC. "He's an excellent player and a fantastic character."
Reid, like Hobbs, has been a long-term absentee with injury and Forest may feel this is a major reason behind their poor form.
Although Stuart Pearce's side have one of the strongest squads in the division, they have struggled to cope without two players of such quality.
With Hobbs back in the team they can begin to plan around him though, and Reid delivered further good news today by confirming that his own return was imminent.
"Hopefully I'm not too far away, maybe a couple of weeks," he said.
When Reid does return to the team he will need to spark a serious up-turn in form if Forest are to meet expectations.
Pearce's men went into the campaign as favourites for promotion, but they are already nine points behind the play-off places and will need a remarkable second half of the season if they are to make up that gap.