Reynolds has missed Atlanta's last two games with a back injury, and will now miss the rest of the 2012 season because of the injury.
In a corresponding roster move, the Falcons signed offensive guard Phillipkeith Manley to the active roster.
Reynolds entered the season as Atlanta's starting right guard, beating out rookie Peter Konz for the starting job. Konz started in Reynolds' absence against the Philadelphia Eagles and Dallas Cowboys, and will likely continue to start in Reynolds' place.
Reynolds was selected by the Falcons in the 5th round of the 2009 NFL Draft, and has spent each of the last four years with the Falcons.
Atlanta entered the 2011 season with Reynolds as the starting right guard, but head coach Mike Smith replaced Reynolds halfway through the season because of poor performance.
Konz, Reynolds' likely replacement going forward, was drafted by the Falcons in the second round of the 2012 NFL Draft out of Wisconsin.