The newly promoted Premier League side are looking to build ahead of the upcoming campaign, with only two additions so far in the transfer window.
Stephens appeared in 45 league appearances last year in the Championship, and scored 7 goals, as he helped Brighton finish 3rd, missing out on automatic promotion on goal difference on the final day of the season. The club then lost in their play-off semi-final to Sheffield Wednesday.
The 26-year-old joined the club in 2014, and scored the opener in the 2-2 draw at home to Burnley last season.
Sean Dyche is still looking to add to his squad this summer, and could be disappointed that he has only signed Johann Berg Gudmundsson and Nick Pope this window.
The club kick off their new season on August 13th, at home to Swansea City, as they look to survive relegation, after only spending one year in the division last time they were promoted back in 2014.