The controversial Vick, who served an 18-month prison term for his role in a dog fighting ring before signing with the Eagles last season, made his first start in over three years in Sunday's 35-32 win at Detroit.
The former Atlanta Falcons quarterback was given his chance after starter Kevin Kolb missed the game due to a concussion. Vick threw for 284 yards and two touchdowns in an impressive display.
With Kolb expected to be back for Sunday's game at Jacksonville, Reid said Monday that the starting role was still his. But on Tuesday he said that was no longer the case and Vick was now their starter.
"Michael exceeded expectation over the last two weeks - this has nothing to do with Kevin Kolb's injury.
"He (Kolb) has done a phenomenal job for us, his future is not slighted by this one bit, he has an opportunity to be a franchise QB and very deservedly so," Reid told a news conference.
"This is more about Michael Vick and his accelerated play. He is possibly the hottest quarterback in the NFL at the moment (and this) allows Kevin to continue his maturation process."
Reid hinted that Kolb was unhappy with the decision.
"He is one of the most competitive guys I have been around - he wants to be the starting quarterback for the Eagles and I wouldn't expect any less of him. But he is a team player so he accepted it.
"But I'm not going to tell you that he doesn't want to be starting."
Vick made the most of his chance and Reid said that he had taken his time since Sunday to decide the way forward.
"He is back and maybe even better than before and I think that is a beautiful deal. He relishes this opportunity."
Reid said he believed the Eagles could win the Super Bowl with Vick as their starter and Kolb his back-up.
(Reporting by Simon Evans in Miami; Editing by Steve Ginsburg)