Producers of the television project met last week and decided the only actor they want from the original to appear in the sequel is Ian Ziering, the celebrity news website said.
Reid and Ziering were paid $50,000 apiece for the first movie, which was set in California, but Ziering is expected to earn more for the sequel since the original "Sharknado" was such a hit.
Ziering is best known for playing Steve Sanders on "Beverly Hills, 90210" for 10 seasons. He also competed on "Dancing with the Stars."
Reid was a cast member of the "American Pie" comedy films.
"Sharknado" is to premiere on the big-screen Friday night at select U.S. movie theaters. The TV movie was a ratings hit and social media sensation when it was shown on the cable television network July 11. "Sharknado 2" is to premiere on Syfy in July 2014.