The 17-year-old, who plays primarily as a centre-back, captained the Magpies' Under-18s side on a handful of occasions last term and is targeting his debut at under-21 level.
Craggs is the latest recipient of the club's Scholar of the Year award, which recognises one scholar from each Premier League club who has excelled across all aspects of the programme, both on and off the pitch, serving as a role model to their peers through a positive, professional attitude and application.