As per the Toronto Sun:
"If he proves he can play among the four, around 18 minutes a night, he can be in there," GM Cliff Fletcher said. That's to be expected, there's no point in squandering Schenn's talent by having him play as little as 10 minutes a game. However, that underscores just how hard it will be for Schenn to make the team this season. Schenn needs to take a spot from one of Tomas Kaberle, Pavel Kubina, Mike Van Ryn, and Jeff Finger. Beyond that, he also needs to stay ahead of Carlo Colaiacovo, Ian White, Anton Stralman, Staffan Kronwall, and Jonas Frogren.
My take: I highly doubt the Leafs will keep Schenn this year unless they trade another d-man (Van Ryn or White) ou another rearguard gets injured.