Fei-Wang Reed was born from the wish Clow Reed made to revive Yuko. I think this goes far beyond being heavily implied, as it is pretty much confirmed by his actions, his motivations, and his dialogue. For instance, when he dies in chapter 231, he says,
The witch must be revived... That's the whole reason for my existence... And the message I must deliver to her... That is my reason... I am to...
Additionally, he shatters to pieces, his body falling apart after death as with all the clones in the series who died. I believe he is a clone of Clow Reed, in the same way Watanuki is a clone of Syaoran. Since Clow Reed was unable to revive Yuko, part of Fei-Wang Reed's motivations is to prove he is superior to Clow, by accomplishing what Clow could not do. It's possible that Fei-Wang was born from Clow Reed's regrets at having had to give up, and thus why he is so determined to carry out the wish.
But regardless of my little speculation spree, considering Watanuki was born from stopping Sakura's time, it isn't so far-fetched to think Fei-Wang was born from stopping Yuko's.
Here's what Fai has to say when Kurogane asks why Fei-Wang broke into pieces:
I don't know. But it may be that Fei-Wang... he himself was an image of somebody else. Or perhaps less a person... and more a very strong will. It could be the personification of a wish left behind by someone with enormous magical power.
As far as the story goes, the only known characters who fit the bill of having such powerful magical power are Clow Reed and Sakura. We also happen to know Clow Reed made a wish to save Yuko, so it seems like it's a mystery solved.
We could get into speculation and say there's simply some unknown character. There is simply no information to support such a theory, however, and I believe if that was the conclusion the authors wanted us to reach, they would have laid the groundwork.