Stephens arrived from Swindon Town in April 2010 after forging a reputation as one of the best young goalkeeping talents in the country. He is currently on loan at Welsh side Airbus UK until the end of 2012-13.
The fledgling stopper joined his first professional club at the age of 14, but has since made rapid progress.
He landed the Barclays Premier Academy League's save of the season gong for 2010-11 following an outstanding stop in an away victory at Manchester United.
On receiving the award he said: "I feel really honoured to be recognised, particularly as it was at an event with so many famous sports personalities.
"I'm completely lost for words and feel very proud for myself, the club and my teammates, who I'd like to thank for their support throughout the season.
"I'd also like to thank my family who continue to support me as I look to carve out a career in the game."
Stephens' progress was hindered slightly by injuries problems throughout the 2011-12 season but the youngster is hopefully of having an injury free season with the U21s this year.