The 22-year-old has agreed an extension his current deal which ties him to the club until end of next season.
Calveley joined the Magpies in 2020, signing from Curzon Ashton after previously being a professional with Port Vale where he made three first-team appearances.
He was integral to the team's magnificent run through to the fourth round proper of the FA Cup, scoring the second goal in the third-round win over Derby County.
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So far this season he has made nine starts and scored once, in the 9-0 demolition of Gloucester City.
"I’m delighted to have signed an extension through to the end of next season," said Calveley.
"I’ve enjoyed my time at Victory Park so far, it’s a great club to be involved with and I’m looking forward to pushing myself and continuing to improve my game.
Boss Jamie Vermiglio said: "Calvs has been an important part of the squad over the last season and a bit and we’re delighted he’s agreed to extend his stay with us.
He’s a player with a tremendous amount of potential and he’s only going to get better."
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