The Celebrity Big Brother winner split from Price earlier this year, after just 11 months of marriage. Since then, he has begun dating fellow reality TV star Chantelle Houghton, proposing to her on live TV earlier this month.
Speaking to Eamonn Holmes and Ruth Langsford on ITV's This Morning, Reid said that he hopes to be officially divorced from the former glamour model so that he can marry Houghton.
"I've said this time and time again, a piece of paper or a ring to me doesn't necessarily mean you are married in your heart - I'm already married to Chantelle," he explained. "Although I am married to someone else on paper, I don't feel that.
"I was really depressed long before we even split - I was unhappy. And now I can just be myself. I feel like Peter Pan again."
On still being married to Price, he added: "I hope [the divorce is] close obviously because I want to put something on this girl's hand."
Holmes presented Reid with an over-sized ring to give to his fiancée, which she wore during their live interview.
Asked if they had set a date for their big day, Houghton said: "It wont be for a year or more - we want to plan everything and enjoy the engagement as well."
> Alex Reid: 'Mere mention of my name must infuriate Katie Price'
> Katie Price: 'Divorces take ages, cost me a lot of money'
Watch Reid propose to Houghton on an Irish chatshow below: