Ryan Nelsen believes West Ham have issued a statement of intent by tying Winston Reid to a new deal.
Tottenham are keen for striker Shaquile Coulthirst to continue his development out on loan after his spell at Southend.
Petrucci has started both of Posh's npower Championship fixtures since joining the club on an initial month-long deal on January 9.
The 21-year-old midfielder told the club's official website: "I am very happy. I only signed for a month in the first place because it was my first loan spell.
"I didn't know what to expect. However, since the first few days I realised that I wanted to stay for longer and I am very pleased to be here until the end of the season."