The pair have played in a number of Final Third Development League games for the Hatters this season, with King on the bench for the first team recently after Mark Tyler’s injury.
However, Town have also decided to release seven other youngsters, including Tuki Tayali and Lucas Perry, who were recently on loan at Barton Rovers.
Writing in the weekend’s matchday programme, U18s boss Paul Driver said: “The highs have seen Craig King and Isaac Galliford offered professional contracts for next season to join Luke Trotman in the senior ranks, and the lows have seen the release of Osamu Allman, Ekene Amadi, Lee Hawkes, Leeroy Maguraushe, Daril Ngwala, Lucas Perry and Tuki Tayali.
“We wish Luke, Craig and Isaac every success with the club in the coming years as they push for a regular place in the first team and they know that they will the continued support of everyone in the youth set-up.
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“With the released boys - all of which have been a credit to themselves, their families and the club throughout their time at Luton Town - we sincerely thank them for all their efforts on and off the pitch and wish them success also in finding the progression with their football in whichever route they wish to take and we will continue to support and help them in their search for a club for next season.”