The new deal will keep the former Brighton midfielder at Norwich until the summer of 2016.
"Obviously I wasn't expecting it being injured, but it's fantastic," he said.
"I appreciate the support of everyone at the club, right from the fans to everyone here. Hopefully I can repay their faith in me once I'm back fit.
"It's been a great two years so far and what we've achieved in that time has been absolutely brilliant. Hopefully we can do as well as that, and maybe aim a little bit higher as well."
"It's nice timing for Elliott as he's going through a big chunk of the season injured, so it just shows that we have that faith in him," Norwich boss Chris Hughton told the club's official site.
"He's such a good individual, so we feel he'll be fine coming through.
"We're really delighted for Elliott and he thoroughly deserves it. We all know about the injury he picked up in the first game of the season against Everton, so I'll say particular thanks to our chief executive, the chairman and the board, who were very much in support of this."