The Premier League strugglers have handed Dyche the job of saving them from relegation and the former Burnley boss has brought his backroom team.
However, Keys thinks that Dyche would be well advised to add an Everton legend to his backroom staff.
Keys believes that Reid would be a breath of fresh air at Goodison Park and also win over the fans, who have lost faith in Graeme Sharp.
Backing Dyche to get the job done, Keys wrote in his blog: “It’s going to get tight again – but Dyche will get Everton out of trouble
“The first decision I’d make would be to get Peter Reid involved at the club again. Reid is a blue legend as we all know. An Everton die-hard.
“It’s going to get bumpy for Dyche.
“If he had Reid about the club to explain what was happening he’d keep the hard-core fed-up faithful on board. Sadly they’ve lost respect for Graeme Sharp after recent events.
“Reid wouldn’t pull any punches. He’d tell it straight. He worked as a loyal lieutenant to Tony Pulis at Stoke – and Paul Cook at Wigan.
“I was surprised Sam Allardyce didn’t turn to him during his time in charge at Everton.
“Reid would be a breath of fresh air around Goodison and no threat to anyone. Think about it eh Sean?”
Everton currently find themselves 19th on the table, two points off safety with 18 matches to save their campaign from disaster.