The 21-year-old, who enjoyed a loan spell with Bury last term, has made his first-team breakthrough at Molineux this season, scoring twice in eight appearances.
Wolves sit top of Sky Bet League One and are well fancied for an instant return to the second tier, a resurgence Ebanks-Landell is enjoying being a part of.
"I am very happy to have extended my contract and very happy to continue my stay at the club where I have been since I was at Under-8 level," he told the club's official website.
"I was out of contract at the end of the season and felt I was doing well so it was good to hear that the club wanted to keep me here.
"I feel I am in amongst it now in terms of the first-team squad and that young players are being given a chance.
"Pricey (Jack Price) was with me from the Under-8 level and it's been great to see him getting a chance and doing so well week in, week out.
"These are exciting times and it feels like this is a club on the up again, and I'd love to be a part of it."