The talismanic winger has put pen to paper on a new long-term deal something which has delighted his manager
Waddecar has been a fixture in the first-team squad at Irongate over the past seven years or so since breaking through as a youngster under Tony Greenwood.
In that time he has flourished at the Sir Tom Finney stadium, helping the club to two NPL First Division North play-off final appearances under previous boss Neil Crowe and then playing a prominent role last season as Reynolds guided Brig to their first piece of silverware in more than a decade by winning the prestigious NPL League Cup.
It was no secret that Waddecar was in discussions with Brig about extending his stay and the two parties have finally reached agreement.
"Ally's agreed to sign for two years, which is massive news for us," said Reynolds.
"It shows the intent of the club and the direction where we are going as a club.
"Ally has been a fantastic player for us. His loyalty to Bamber Bridge is unquestionable.
"He's turned down offers over the years from clubs in the same division as us, the one higher and the one above that.
"We are in a fortunate position because of the nature's of Ally's job, he's self-employed, and it doesn't enable him to do the travelling which is involved the higher up you go.
"But he's always enjoyed playing at Bamber Bridge and is excited about what's happening at the club."
Waddecar has endured a difficult couple of seasons in terms of injuries after being a virtual ever-present for his entire career at Irongate.
The campaign before last, he endured a mystery knee injury which kept him sidelined for a number of months and then history repeated itself last season when another knock - this time to his other knee - kept him out for another long spell.
However, he returned to full fitness in the early part of this year and Reynolds believes the forward, who is aged 26, has his prime years ahead of him.
"Ally's first four or five seasons, he hardly ever missed a game," said Reynolds, who was Crowe's assistant before taking over as manager.
"It was always the ever-present Ally Waddecar. He would never even miss a game through a muscular injury.
"But then he picked up that injury the season before last which kept him out for four or five months.
"It was hard for him because he had never been injured before.
"Then he picked up that innocuous injury against Lancaster in the early part of last season, which kept him out for another four or five months.
"I've had serious injuries myself and I know how hard it is to come back.
"You pick up little niggly muscular injuries.
"But he's 26/27 years of age he's coming up to the peak of his career and he will be a key player for us.
"I've spoken to him a lot and Ally has said to me that he wants to win trophies.
"He enjoyed winning the League Cup last season.
"I want to win the league next season - I might be putting pressure on myself by saying that, but that is what I want to do."
Meanwhile, Reynolds is hopeful of bringing in another central midfielder over the next few days.
The Brig boss has spoken to the player, who was playing for a club in the North West Counties League last season.
It is thought that the player in question is attracting interest from a number of clubs.