Hill believes Albion fans are in for a real treat when the player does finally check into The Hawthorns next summer.
"This is a great piece of business for all parties and certainly the best piece of business since I have been at the club," Hill told the Birmingham Mil.
"We are really pleased for Craig as he has achieved what he wants, West Brom have secured the most talented young defender in the country.
"We are pleased that the club has been recognised and rewarded for the efforts we have made in Craig's development.
"With Craig remaining here until the end of the season we have a player who is fully inclusive in respect of what we want to achieve as a club this season.
"Everyone wins and all parties are to be applauded in constructing a deal which benefits every party."