I have an oldish laptop HP ProBook 4545s.

I have a license label for Windows 8 on it.

Since a long time ago, I have used free upgrade option to Windows 10.

I intend to replace the HDD with an SSD now and reinstall the OS.

But I have no idea if I can just extract the product key from the current system and use it while reinstalling the system?

up vote 2 down vote accepted

There is no product key for Windows 10, it now uses Digital entitlement based on your actual hardware.

Reinstalling Windows 10 should in theory activate itself with no product key.
For more information see Activation in Windows 10.

You may also avoid this problem entirely by cloning your system disk to the new SSD.
See the article Best Free Drive Cloning Software.

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