The 24-year-old from Wakefield played every Super League game for Chris Chester's side last term but was previously unable to agree a renewed contract at his hometown club.
His current deal expires next month but the utility back is now expected to remain a Wakefield player next season.
Following his two-try heroics against London Broncos last month, Hampshire said: “Tonight, I showed how much this club means to me.
“I just feel coming into this game, the last few weeks – I don’t like to blow myself up – but I have been the top try-scorer, got top assists, most carries and played three positions when needed.
“So I just feel I am worth a little bit more than what the offer is."
Hampshire was one of seven players confirmed to be leaving Wakefield when the club announced their end-of-season departures last month.
When that announcement was made chief executive Michael Carter said: “It has not been possible to agree a new deal with Ryan Hampshire, despite every effort being made.
"I wish him well in the future.”
However, the parties are now believed to have come to an agreement as Hampshire will extend his spell with Trinity into a third season.
The Wakefield-born player started his career at Wigan Warriors, spending four seasons at the club between 2013 and 2016.
He had loan spells with Workington Town and Castleford Tigers in 2015 and 2016 respectively before joining Leigh Centurions in 2017.
The 24-year-old spent one season at the Centurions before joining Wakefield ahead of the 2018 campaign.