Reynolds was placed on injured reserve coming out of the preseason before he was designated to return last week.
Reynolds, 26, wound up signing on with the Jaguars as an undrafted free agent out of Virginia back in 2013. He lasted two years in Jacksonville before he was waived and later signed off their practice squad by the Bears.
The Falcons signed him to a one-year contract last year and brought him back on another one-year, $1.3 million contract this past March.
In 2016, Reynolds appeared in all 16 games for the Falcons and recorded 30 total tackles.