The 54-year-old’s body was discovered in North Woodburn Reservoir on Monday morning.
Detectives investigating his murder have been granted an extra 30 hours to question two men, aged 68 and 32.
The pair were arrested on suspicion of murder after officers stopped a vehicle in Newtownabbey on Monday morning.
Police said they had been received reports of suspicious activity in the Derrycoole Way area of Rathcoole in Newtownabbey at about 6am..
They then stopped the silver Toyota C-HR in Clonmore Garden shortly before 07:00 and arrested the men.
A post-mortem on Mr Reynolds’ body is scheduled for Wednesday.
PSNI Det Ch Insp Ray Phelan said he was appealing for anyone who was in Derrycoole Way in Rathcoole or the Councillors Road and New Line area of Carrickfergus “from around 2am through to 7am on Monday morning who witnessed anything” to contact detectives.
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