The 25-year-old recently finalised the deal before jetting off for a holiday in Marbella, the Daily Star claims.
It is thought that Corrie's new producer Phil Collinson has promised an exciting future for Thomas's character Jason Grimshaw, who has been part of the show since 2000.
A source said: "Phil's decided that Ryan is part of his long-term plan for the Street. He's going to get some dynamic storylines over the coming months that will have viewers glued to their seats.
"Obviously Ryan's over the moon because he loves working on Corrie and is excited that Phil has some big storylines in the pipeline for him."
However, Thomas is said to have also received a warning to behave himself following his recent fine for leaving the scene of a car crash.
The insider commented: "Phil's told him he needs to keep out of trouble. No slip-ups will be tolerated."