Kolb, who suffered a concussion during a season-opening loss to the Green Bay Packers, has been cleared to practice, is making good progress and "looking great," a team source told NFL Network insider Jason La Canfora on Monday.
Vick still will play in Philadelphia's version of the Wildcat offense. In the first play of the season, he lined up as a receiver.
"I think it's a beautiful situation," Reid said Monday. "I look at it a lot differently than other people look at it. I've got two quarterbacks that can play at a very important position. I'm a happy guy about it. There are a lot of teams that don't have good quarterbacks, ones that they feel like they can win with, and I feel like we can with both of those guys."
A three-time Pro Bowl pick during six seasons with the Atlanta Falcons, Vick missed two seasons while serving an 18-month sentence in federal prison for his role in a dogfighting operation. He signed a two-year contract with the Eagles before last season, then played sparingly behind Donovan McNabb and Kolb.
Vick was in for a handful of plays in the first half against the Packers. After Kolb went down, he took over under center and was outstanding.
Vick completed 63.8 percent of his passes and posted consecutive games with a passer rating above 100 for just the second time in his career.
Vick's success is the culmination of a long journey back to the NFL for a guy who once was a mega-star. Now Vick is a different person and a different player. Instead of being a run-first quarterback, he has learned to become more of a pocket passer. Despite being sacked six times by the Lions and facing constant pressure, he scrambled mostly to buy time to throw and did it well.
"I'm very proud of him," Reid said. "It's a true testament that if you work hard, you keep your nose clean, good things can happen. And he's worked very hard at doing both those things, and I'm proud of the way he led the football team."
But Reid made it clear there's no quarterback controversy in Philadelphia, and Kolb is ready to prove himself.
"I know I didn't play very well that first half. We didn't play very well, and Mike's done a great job," Kolb said. "I'm really proud of him, the way he came in and led us in that second half and then led us to the victory. That was a good team win yesterday.
"All I can do is deal with what's on the field, and that's me getting out there. I'm anxious to get back on the field Wednesday for a practice and it starts there, and then going and getting a win against Jacksonville. I think if I just stay focused on those things and just play my game, then we'll be fine."
Middle linebacker Stewart Bradley also sustained a concussion in the opener, and he has been cleared to practice Wednesday. Both players briefly returned before sitting out the second half. They defended head athletic trainer Rick Burkholder and the medical staff's decision to allow them to re-enter.
"I passed all those tests on the sideline immediately after the hit and I felt good until I got back on the field and things started moving fast and all those pre-snap thoughts have to go through your head," Kolb said.
Bradley's re-entry was surprising because he slowly got up after being hit in the head, staggered a couple of steps and fell flat to the ground.
"You can't just say that because someone was hit hard he has a concussion," Bradley said. "There has to be a test for that kind of stuff and they have those procedures. Concussions have been a hot topic for a long time in this league, especially the last couple of years.
"Rick and his staff use the international concussion data. They're up-to-date on all of the latest stuff. I did seven or eight different things when I came off the field to see if I was OK. I wanted to play. I felt good to play. I wanted to go back in."
The Associated Press contributed to this report.