The 21-year-old is considered an exciting prospect by Wolves and has made his first-team breakthrough this season, scoring twice in eight appearances.
Wolves' excellent defensive record has meant Ebanks-Landell has had to wait patiently for his opportunities but Kenny Jackett has assured the youngster he has a bright future at the club.
"I am delighted Ethan has committed his future to Wolves," the Wolves boss told the club's official website. "He is one of the players I have been very impressed with so far this season.
"When he has played he has got a couple of vital goals and shown his capabilities both in a centre-half position and right-back slot.
"It is only the outstanding form of the back four at present that has kept him out of the team.
"I have got a lot of confidence in him going forward.
"I think he is an outstanding young player and a quality young man who has a very good future at the club."