Update: see also how Twitter does it.

This is not a full answer but should help you get started. Note that I’m not throwing away old reducers—I’m just adding new ones to the combination list. I see no reason to throw away the old reducers—even in the largest app you’re unlikely to have thousands of dynamic modules, which is the point where you might want to disconnect some reducers in your application.

reducers.js

import { combineReducers } from 'redux';
import users from './reducers/users';
import posts from './reducers/posts';

export default function createReducer(asyncReducers) {
  return combineReducers({
    users,
    posts,
    ...asyncReducers
  });
}

store.js

import { createStore } from 'redux';
import createReducer from './reducers';

export default function configureStore(initialState) {
  const store = createStore(createReducer(), initialState);
  store.asyncReducers = {};
  return store;
}

export function injectAsyncReducer(store, name, asyncReducer) {
  store.asyncReducers[name] = asyncReducer;
  store.replaceReducer(createReducer(store.asyncReducers));
}

routes.js

import { injectAsyncReducer } from './store';

// Assuming React Router here but the principle is the same
// regardless of the library: make sure store is available
// when you want to require.ensure() your reducer so you can call
// injectAsyncReducer(store, name, reducer).

function createRoutes(store) {
  // ...

  const CommentsRoute = {
    // ...

    getComponents(location, callback) {
      require.ensure([
        './pages/Comments',
        './reducers/comments'
      ], function (require) {
        const Comments = require('./pages/Comments').default;
        const commentsReducer = require('./reducers/comments').default;

        injectAsyncReducer(store, 'comments', commentsReducer);
        callback(null, Comments);
      })
    }
  };

  // ...
}

There may be neater way of expressing this—I’m just showing the idea.