The Saints have recently appointed a new manager, Ralph Hasenhuttl, who could look at the players currently out on loan and decide to recall them.
After all, Southampton are in real danger of getting relegated to the Championship from the Premier League at the end of the season.
Blackburn manager Mowbray has said that he hopes that Southampton do not recall Reed - who earns £12,000 per week as salary, according to Spotrac.com.
Mowbray told The Lancashire Telegraph: “Harrison Reed is obviously doing very well but I’m wary of not shouting him up too much.
“Let’s keep him under the radar as much we can as particularly with the new manager, he might want to look at all his players.”
Reed has established himself as an important player for Blackburn and is playing well for Rovers at the moment.
The 23-year-old has made 13 starts and two substitute appearances in the Championship for Blackburn so far this season, scoring two goals and providing two assists in the process, according to WhoScored.
Blackburn are in the running for the Championship playoffs, and losing Reeds in the middle of the season will be a blow for Rovers.