Furyk withdrew from the event on Wednesday, citing back problems. He has played just once since a runner-up finish at the Tour Championship.
At No. 25 in the world, Reed is the highest-ranked player who was not already in the 18-man field at Isleworth.
Furyk has played the World Challenge 11 times, winning in 2009. Over the past three seasons, it has served as his only stroke-play event between the Tour Championship and the AT&T Pebble Beach National Pro-Am in mid-February.
Reed has been busy this fall. After starring at the Ryder Cup, he competed in the Volvo World Match Play Championship, tied for 26th at the CIMB Classic and finished 22nd at the WGC-HSBC Champions, where he apologized following a profane on-course outburst.