The 27-year-old Dublin-born winger joined the Magpies back in February from non-league Tamworth and, after a slow start, he enjoyed an impressive spell in the side on the left side of midfield.
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Scully, who has had 13 clubs in his 10 year career, has been out with ankle ligament damage since April 12th after being on the end of a heavy challenge at Colchester.
While the news that such a talent has agreed a new contract will come as good news to the club, the length of the contract may come as a little bit of a surprise, as Gary Mills has been quoted as saying that he didn't want Scully to fall into "the comfort zone" that a long(ish) term deal would give him.
NCM will let you know as soon as Scully officially pens his new deal.
In other news today, previously on-loan Andy Parkinson has gone back to Sheffield United, while it has been confirmed that 16-year-old striker David McGoldrick is off to try his luck elsewhere, with Everton, Tottenham and Charlton leading the race for the prodigy's signature.