The 18-year-old has agreed a two-year deal which will keep him at Goodison Park until the summer of 2015.
Long has scored at every level throughout his youth development at the club, and he now wishes to repeat his feats with the Everton first-team.
"I've had to sacrifice a lot of things but it has been worth it to get the chance to play for Everton Football Club," Long said.
"I've got a lot of people to thank get for getting this far. The whole of the Everton academy have been so good to me. Hopefully I can make them proud.
"Hopefully I can get recognised by the manager and make my debut one day - that's all I want to do.
"It would be the best thing ever. If I could score a goal at the Gwladys Street, I would be ecstatic. It would be unbelievable."