Andy Murdoch has signed a contract to keep him at Rangers until May 2017.
The 20-year-old midfielder has made three first-team appearances and scored his first goal in a 2-1 Championship win at Stark's Park last Friday.
Manager Kenny McDowall said Murdoch's deal, and that agreed by 19-year-old goalkeeper Liam Kelly, were a "shot in the arm for the club".
McDowall paid tribute to predecessor Ally McCoist for securing the young talents for the Glasgow club.
"Ally McCoist has been working hard on that for the last few months," he said.
"That's a great shot in the arm for the club and the youth academy."
Murdoch said he was enjoying learning from older players such as Kenny Miller, Lee McCulloch and Richard Foster.
"I'm very pleased," he said. "I just need to knuckle down and cement a place in the starting 11.
"Hopefully I can develop more as a player now that I've signed longer.
"I signed when I was 13 or 14 and I came full-time a few years later.
"As Rangers went into the Third Division, I started training with the first team more.
"I got a few chances, but I got injured a couple of times, but I came back and trained harder."
On making his Rangers debut against Raith Rovers at Ibrox in the Scottish Cup earlier this month, Murdoch added: "My dad has a season ticket at Ibrox, so he was very proud."