Speaking to the Official Club Website, Magilton confirmed: "It's been Ian's first season as a professional and he has shown a great attitude and a willingness to learn, and he'll be rewarded accordingly.
"Fabian has been fantastic over the last five or six weeks. It took a while for him to adjust from regarding me as a player to regarding me as a manager, but I think we're singing from the same hymn sheet now.
"We'll sit down with him and his agent and see where they are coming from, but I can't think of a better pro to have here."