Centre-back Souttar attracted the attention of Sunderland but declined the big-money move to remain at Tannadice.
Meanwhile, attacking midfielder Gauld, who has netted thrice this season, has caught the eye of several big name clubs as he continues to terrorise defences in the Scottish Premiership.
However, Terrors chairman Stephen Thompson is not surprised to see the club receive loyalty from the 17-year-olds as they continue to invest in young talent.
"It's great to get the young players signed up again," he told The Winner.
"They should be earning the same as the guys around them if they're doing the same job.
"Was I surprised John turned Sunderland down? No, not after speaking to his dad.
"Sunderland's facilities are great and they treated him well when he went down there. But he felt that staying here and continuing to play first-team football was the best plan for him.
"We're delighted he decided to stay and the facilities we have at St Andrews are great. People want to go and work there every day."