The 19-year-old has recently been linked with the likes of Manchester United, Arsenal and Chelsea.
The new deal will keep Rodwell at Goodison Park until the summer of 2015.
Everton boss David Moyes said: “I’m very pleased that Jack has signed an improved contract because it re-affirms Everton’s ambition to challenge the top clubs.
“I want to keep all the players we have here to make us stronger in the coming season.”
