Reid, who signed for the Upton Park outfit at the beginning of the 2010/11 season that ultimately saw them suffer relegation, has been ever-present so far this term.
His impressive defensive displays have helped the Hammers to 11 points in their opening seven games – and Reid even weighed in with a goal in September's 3-0 defeat of Fulham.
Allardyce said: "The improvement of Winston and the consistency of his performances have been key to some of our results, because our defensive unit as a team and as individuals has been very good, so I think Winston has been very good."
"Andy was a big signing for us. Even though it's only a loan deal for a season, I think the size of the player – not just in stature terms, but in terms of his ability – was one where every player that was already at West Ham thought, 'wow', when he walked through the door and played the first game.
"We've really got someone [in Carroll]. We can build, and I think that, coupled with [the signings of] Matt Jarvis earlier in the week and then in the end Yossi Benayoun, made the squad a really secure squad in terms of strength and depth."
