Colclough has put pen to paper on a fresh two-year deal with the Alex and is available for their opening match of the 2015-16 season, Saturday’s home league clash with Port Vale.
The news comes 24 hours after Crewe boss Steve Davis confirmed Colclough – whose previous contract had expired earlier in the summer – had been training with Championship side Wolves.
Given the 20-year-old’s age, Crewe would have been due compensation from any club wanting to sign Colclough, and Davis had said on Wednesday he was “in the dark” about how the situation might develop.
But, as it is, he has now secured through to the summer of 2017 the services of a player who is a product of the Crewe academy.
Colclough returned from a hip injury to help the Railwaymen avoid relegation last season, scoring vital goals in victories over Sheffield United and Coventry.
Despite spending time on the sidelines, he has amassed 38 first-team appearances for Crewe, scoring five goals, since making his debut in 2012.