The heritage guernsey boasts Reynolds' signature on the upper-left side of the red sash, while his iconic photo and impressive statistics are printed inside the neck of the jumper.
The names of every Essendon premiership player are printed on the grey areas of the guernsey, and the club logo on the upper back is reminiscent of Reynolds' playing era.
It replaces the John Coleman-inspired jumper the club wore over the past two seasons.
Two of Reynolds' grandsons, Lincoln and past Essendon player Joel, were presented with the guernsey by club youngster Joe Daniher on Wednesday, and told AFL.com.au they were thrilled by the latest tribute.
"We're certainly very proud and excited to see this jumper come out," Lincoln said.
"It’s a great way for the family to connect back with the footy club and see his legacy and see some of the stats that he's got out there.
"We're just excited to see the club honour him as they did with Coleman, and it's going to be exciting to see that roll through, and be able to talk to my kids, his great-grandkids about what he's been able to achieve in footy."
"I think he'd be pretty overwhelmed by it. I think it's something he'd just be really proud of.
"To see the club honour him and what he achieved, I think he'd just be really humbled by what the club's done, not just this jumper but what they've done in the past for him and the family.
Members of the Reynolds family took a tour of the club's new facilities on Thursday, and Joel says his grandfather would have been impressed.
"Back in the day I think he would have had the boot studder and a tin shed, and a couple of waterlogged footies," Joel said.
"There's a huge hangar and the facilities here are immaculate. It's fantastic."
The pair now hopes the jumper inspires the 2014 playing group to big things.
"When you pull on a jumper and you see the greats that have gone before you, it must give you some sort of lift, and a sense of pride in the club that you're a part of," Lincoln said.
"I think they will probably get some sort of tickle out of it and might walk a bit taller."
Dick Reynolds captained the Bombers from 1939-50, played 320 games, winning four premierships and taking home three Brownlow Medals.
He was a seven-time best and fairest winner at the club, and represented Victoria on 17 occasions.
Reynolds is a legend of the Australian Football Hall of Fame, and a member of the AFL and Essendon Teams of the Century.
Members of the extended Reynolds family with Joe Daniher and the new alternate guernsey. Picture: EFC
