The 17-year-old forward has been with the club since the Under-14s several years ago.
Per the club website, he has earned terms on a pro deal that will see him through the next couple of years.
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A USA youth international, Figueroa impressed at the CONCACAF U17 Championship in 2023.
He has been a prolific scorer throughout his time within the Reds' youth setup.
He came back from injury and scored in a recent U18s game against Wolves' youth side.