Roeder had been chasing Stephenson since his arrival at Carrow Road, but his club had been reluctant to release the former Newcastle winger.
The Norwich boss confirmed that he was delighted to have captured his man and said that, along with himself and Lee Clark, he expected the different personalities to comprise a good team.
As a thank you, it is likely that Roeder will allow a couple of players to go on loan to Hartlepool.