Nick, who came through the ranks at Llangennech Junior and Youth before joining the Scarlets academy and playing regional and international representative rugby, played for Wales Under 20 last year.
He has been an ever-present member of the Llanelli side this season, featuring strongly in their SWALEC Cup winning campaign.
Premiership coaches, rugby journalists and WRU and Regional performance development staff select the recipient of the monthly award with the player receiving £100 from the Principality Building Society, title sponsors of the competition.
Llanelli Director of Rugby Anthony Buchanan said, "Through constant hard work, Nick has made the Llanelli No 13 shirt his own this season and has never lowered his standards. I'm sure Nick will continue to grow as a rugby player and with some opportunity and a bit of luck, I can see him wearing the Scarlets No 13 jersey in the future.
"As a club, we are striving to provide a conveyor belt of players for the professional Region and although there is still some way to go, I feel we have started to close the gap."
Reynolds added, "I've really enjoyed this season. Llanelli's game plan suits the good weather and I've been lucky enough to score some tries, especially at the business end of the season.
"It was great to play for Wales Under 20 last year but it's also been good to play week in week out for Llanelli this season.
"I'd love to challenge for a place in the Scarlets side - I'd certainly grab any opportunity with both hands."
Nick Reynolds factfile:
Player most admired: Christian Cullen
Sportsman most admired: Jonny Wilkinson
Biggest impact on career: My family
Occupation: Second year Sports Science student at Swansea University
Other sports: Cricket for West Wales