The 21-year-old joined Wanderers from Oldham two-and-a-half years ago and, although he is yet to make his senior debut for the Championship outfit, he impressed with seven goals in 17 appearances during a loan spell at Bristol Rovers earlier this term.
Eaves was an unused substitute for the recent league draw with Millwall and boss Dougie Freedman has now confirmed the youngster is part of his long-term plans.
"I am absolutely delighted to sign a contract extension with the club," Eaves told Bolton's official website. "The manager explained everything to me and I am happy to commit myself to Wanderers.
"The gaffer has obviously shown a lot of faith in me and I think that it is just in my hands now. It is up to me to perform every day in training and hopefully I can do that.
"I will now continue to work hard and I hope that I can claim a place and be a regular in the side. The manager and the rest of his staff have been fantastic with me and it is great to now secure my future here.
"I went out on loan earlier this season and I think it was just a matter of something that I had to do to try and get some games and get my match fitness up.
"I feel a lot fitter and a lot sharper and now I hope to get into the team here with Wanderers."