Given the manner in which the 20-year-old has started the campaign, scoring seven goals for his club and adding a further effort on his debut for the Scotland under-21 side amid significant interest from Sky Bet League One side Peterborough, that he has committed himself to his hometown club until 2015 is a major boon for the SPFL Premiership side.
"We're delighted to get Stevie tied up," said Wright. "He has forced his way into the side after loans at Alloa and Hamilton and has really made an impression. He knows he has still got a lot of learning to do and Stevie believes staying with us is best for him at this stage of his career.
"He wanted to stay so everything with him and his agent has been great all throughout the negotiation process. People might think it took a bit of time to get the deal done but we were always confident Stevie would sign on again."
May was joined in agreeing terms on Perth this week by Sanel Jahic, the Bosnian defender who has spent the past few weeks on trial at McDiarmid Park. The 31-year-old has signed a deal until January but, with a place at the World Cup finals at stake, he has hinted his stay could be extended.
"I can't wait to start playing," Jahic said. "I need to get into the team and I need to play well. Do that and I my next aim will be to get back into the Bosnia squad. I have got over 20 caps but I have not been picked for recent qualifiers because I wasn't playing. But if I get regular games here I'm confident of getting into the team. We are going to Brazil next summer and history will be made for my country. That's something any player in the world would want to be part of."
With Frazer Wright suspended and Steven Anderson injured, Wright could be tempted to start Jahic when Motherwell visit on Sunday, despite his lack of game time since leaving Turkish club Karabukspor in the summer. "I am fit and ready to play," he said. "I don't know if the coach will put me straight into the team but I am prepared for it if he does.
"It is good to experience different cultures and styles of football. I think it helps you improve. I played in the Champions League with Apoel in Cyprus and that was great, especially as we won the group against the likes of Porto and Lyon. I also played in the Europa League with AEK Athens against Dundee United a few years ago. They were a good team and although we beat them it showed that Scottish football is a good standard."