McManaman made his debut for the Latics in May 2009 and has gone on to make 25 appearances for Roberto Martinez's first team.
The 21-year-old enjoyed a successful loan spell at Blackpool last season, where he scored two goals in 14 appearances, and since returning has made 13 first team appearances for Wigan this term.
The England Under-20 international said: "It was an easy decision to be honest, never in doubt and I was just made up to get it signed and completed.
"The club is very important to me; when Everton let me go earlier in my career Wigan Athletic were the ones who gave me the opportunity and I owe it to the club to stay loyal.
"It was the best thing that happened for my career; I've loved every minute of it so far and I'm still enjoying it now.
"I want to keep improving, keep making appearances and maybe get more starts under my belt. Hopefully in time that will come because I believe there is a lot more to come from me."
Wigan boss Martinez added: "Callum's signature is a huge boost for us at a crucial time in the season. As a 21-year-old he is about to make the final step in his first team development and during his time at our club has grown to become an integral member of the squad.
"That growth is down to the hard work and raw desire to make a difference and better himself as a player, so we're truly delighted that his tremendous prospect will continue to flourish in a Wigan Athletic shirt."