"The chairman and I have shared lengthy and detailed conversations about all aspects of the future," Westley told the club's website.
Meanwhile, Stevenage have agreed a two-year deal with defender Luke Foster after he was released by Mansfield.
Westley failed in an attempt to sign the 24-year-old from Oxford in January, with Foster opting to move to the Stags.
Foster made 16 Blue Square Premier appearances for Mansfield this season and featured 109 times for Oxford during his time at the Kassam Stadium.
Source: BBC Sport
Source: BBC Sport