The 17-year-old forward has put pen to paper at Ibrox a day after defender Chris Hegarty signed a new deal.
Aird made his Rangers debut as a substitute in the 4-1 win over Montrose on 23 September and has since been a regular member of the first-team squad.
He has started four games so far as well as making eight substitute appearances and netted his first goal in the 1-0 victory at Queen's Park on 29 December.
Robbie Crawford, Barrie McKay and Lewis Macleod have all signed similar lengthy contracts with Rangers in recent months.
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