The 23-year-old actor will reportedly pocket £100,000 for carrying on his character's bad boy antics in the ITV1 soap.
An insider told the News of the World: "He's one of the stalwarts of the show now."
Shepherd, who first joined the show in 2000, admitted last year that he wanted to stay on the soap for the foreseeable future.
"I don't see why I couldn't be here in another ten years," he said. "By then he could own the Rovers or Underworld, or be an out-and-out thug. He could go either way."