Sheffield Wednesday are said to have checked on the non-league youngster, along with Tranmere Rovers.
Reid was on Aston Villa's books as a teenager, but signed for the Wallsall-based Pics, who play in the sixth tier of English football, in February 2015.
Now 20 - and out of contract next summer - the striker scored 26 goals in his first full season at Dales Lane and has netted 13 times in 15 outings this term.
"There were Sheffield Wednesday and Tranmere (Rovers) scouts at our game on Tuesday and there's no doubt in my mind that Alex will go on and play in the Football League," Pics boss John Allen told the Walsall Advertiser.
"The goals he has got are down to the hard work he puts in and if he continues to do that, the Football League will beckon."
With a number of senior strikers already on their books - including Scotland and Portugal internationals Steven Fletcher and Lucas Joao, respectively - it is perhaps fair to assume that Wednesday would view Reid as a possible development squad signing, were the Owls to pursue their apparent interest.
Sheffield Wednesday's Gary Hooper has scored three goals this season
That said, big things are expected of young academy striker George Hirst, who is the son of former Wednesday striker David and plays for England's Under-18s.
David Hirst scoring in the 1993 FA Cup final
The non-league scene has become something of a hotbed for Football League scouts in recent seasons, given the success of Jamie Vardy, Michail Antonio and Chris Smalling, who are among the many to have made the jump.
The trio - formerly of Stocksbridge Park Steels, Tooting & Mitcham and Maidstone United, respectively - all featured in Gareth Southgate's most recent England squad.
Antonio (above) spent two and a half years at Hillsborough, while Leicester's Vardy grew up an Owls fan