The 19-year-old was listed on Newcastle United Under-23s’ retained list last month as having been offered a new deal but there was no confirmation as to whether it had been agreed.
Now, on the full club retained list published by the Premier League, Stephenson is named as a contracted player for next season while his Under-23s teammates Matty Bondswell, Niall Brookwell, Will Brown and Joe Oliver remain listed as only being offered new deals, as per the academy retained list the club previously published.
The Gazette understands that Stephenson signed a new two-year professional deal at Newcastle towards the back end of the 2021-22 campaign.
The Blyth-born forward scored 15 goals in 35 appearances in all competitions for Newcastle’s second-string side last season but is still awaiting his first-team debut.
It is likely that Stephenson will be sent out on loan next season in order to get some senior football experience.
Check out the latest Premier League transfer speculation below...
1. Boro plot Fredericks swoop
Middlesbrough are plotting a move for the exit-bound West Ham right-back Ryan Fredericks this summer. (Daily Mail) | Getty Images
2. Blues keen on Ait-Nouri
Chelsea have turned their attention to signing Wolves defender Rayan Ait-Nouri. (Alan Nixon) | Getty Images
3. Toon ease up on Harrison interest
Newcastle United have been priced out of a £30m move for Leeds United winger Jack Harrison. (Telegraph) | Getty Images
4. Albion eye Ilic
Brighton are in the race for Hellas Verona midfielder Ivan Ilic, who could cost around £21.5m. (Area Napoli) | Getty Images