Gallagher, 18, joined Southampton from Plymouth in 2012, spurning interest from Everton and Newcastle United to move to St. Mary's Stadium and join the conveyor belt of young talent at the club, which has already churned out the likes of Gareth Bale, Theo Walcott, Alex Oxlade-Chamberlain, Adam Lallana and Luke Shaw.
England Under-19 international Gallagher appears to be the latest starlet to come out of the club's famed academy now, making 16 appearances this season, scoring just the once as a substitute against Norwich City but has shown flashes of potential throughout his fleeting displays.
Yet those sporadic flashes have done enough to attract interest from elsewhere, with Chelsea reportedly eyeing up a move for the youngster as manager Jose Mourinho seeks to improve his striking options after disappointing campaigns from Samuel Eto'o, Fernando Torres and Demba Ba.
But he will be disappointed at the news released this weekend as Gallagher has chosen to pen a new deal with Southampton until 2018.
Southampton FC (@SouthamptonFC) May 10, 2014
“It’s been a big year for me and this just tops it off," said Gallagher. “This time last year I’d have never really thought I’d be getting this contract, but this gives me that bit of security so I know that, if I can keep going, the club will repay me," he added.