Stevens, a fifth-year senior and the presumptive favorite to succeed Trace McSorley as the starter, is on his final year of eligibility. He's in competition with youngster Sean Clifford for the No. 1 spot on the depth chart.
Stevens tested the transfer market last year but ultimately stayed with the Nittany Lions.
In limited career action, Stevens has gone 24-for-41 for 334 yards with four touchdowns to one interception. He's also taken 76 carries for 506 yards and eight touchdowns on the ground.
Penn State is scheduled to open the season Aug. 31 against Idaho.