The 23-year-old has signed a new five-year contract that will keep him at the club until the summer of 2015.
Manager Mick McCarthy told the club’s official website: “I am delighted that Wayne has signed his new contract.
“We are blessed to have three very good goalkeepers at the club who are currently fit and battling for the position and Wayne is somebody who I believe is a top class young keeper who will also get better.
“This is really good news for the club to have secured one of its best young players and one who will be keen to play a big part in the future.”
“We are very pleased to have secured Wayne’s services for another five years,” added Wolves chief executive Jez Moxey.
“We have always said we pay very close attention to contract management with our players, and Wayne is one of the club’s three excellent goalkeepers to have emerged from the academy.
“Marcus Hahnemann came in last season and did extremely well when given his opportunity, but Wayne is a young goalkeeper who will get better and will no doubt be pushing hard to regain his place.
“It is good news for everyone concerned that we have secured the long-term future of another of our talented young players.”