Reed is serving a one-match ban this weekend following the first red card of his career in last Saturday’s2-0 win over Lincoln City at the Weston Homes Stadium.
The 22 year-old has become a key player this season in his role at the base of a midfield diamond.
Last season’s skipper Alex Woodyard could be drafted in as a straight swap, but there are concerns his technical and passing ability won’t suit the role.
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Peterborough United should make a couple of changes to their starting line-up for the visit of Sheffield Wednesday
Josh Knight, young Kyle Barker and Niall Mason are thought be the other contenders.
Moving midfielder Knight or full-back Mason would force other changes, presumably bringing Joe Ward or Woodyard into the a right-sided midfield position if Knight moves and Nathan Thompson into the side to play right-back if Mason is switched.
Thompson played 45 minutes of a reserve team game today (October 15) and is now fit enough to return to the squad.
“Louis has been good so he’s not an easy man to replace,” Ferguson said.”I have a few options and we have already tried a couple of things in training.
“Josh, Kyle and Niall can all play there. Kyle has done well lately and is definitely in contention, while Niall has played in midfield for me before and done well.
“I could also change formation which might suit some players like Joe and Alex. I’m confident whoever I pick will do a decent job.”
Posh let slip a 3-1 lead in today’s reserve team game, losing 4-3 at home to West Brom. Harrison Burrows scored twice for Posh and Idris Kanu converted a penalty.