Eriol Hiiragizawa

Clow Reed's present-day reincarnation is Eriol Hiiragizawa (Eli Moon), appearing in season three of the anime. In the manga, Sakura's father,Fujitaka Kinomoto (Aiden Avalon) is also a reincarnation (but just one-half, while Eriol is the other). Eriol retains all of Clow's past memories and all of his magic. Clow was not able to split his magic apart into the two new bodies and Eriol's final wish is for Sakura to take half of his magic and give it to her father. This wish not to be the most powerful magician was a result of Clow being precognitive and thus not being able to enjoy life as he knew what would come of it. It was also probably due to Clow Reed's desire for Yuuko to stay alive, which led to the events of Tsubasa Reservoir Chronicle.

Eriol's purpose is to create situations, much like Clow did in season one, that would allow Sakura to convert the Clow Cards into Sakura Cards, putting them wholly under her magical influence and completely finishing the transition of The Clow from Clow Reed to Sakura.

Because Eriol is Clow's reincarnation, Sakura and company continuously detect Clow's presence during Eriol's trials. This leads to suspicion in Sakura when she visits Eriol's manor in episode 65 and feels Clow's presence all over, especially in Eriol's armchair. The manor was indeed inhabited by Clow when he was alive, but Sakura does not fully realize this until the end of the series.

After learning that Clow was reincarnated, Yue protests the entire situation involving Sakura having to become the new master of The Clow. Stating that if Clow knew he would come back then they shouldn't have needed a new master. Eriol, holding Clow's memories, explains that he is not the actual Clow Reed, who would never return to this world. This is why Clow entrusted everything to Sakura. However Eriol, knowing that Yue's heart is broken from the loss of Clow Reed, offers to talk about his memories whenever Yue wishes.