The forward became the club's 250th graduate to play for the first team back in April.
He has enjoyed a stellar season with the club's Under-18 side on route to three different trophies.
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Wheatley was presented with his Jimmy Murphy Young Player of the Year trophy on Wednesday night.
He was honored before the Red Devils took on Newcastle United in the Premier League.
Wheatley will be hoping to go on pre-season with manager Erik ten Hag's senior side this summer.