The 18 year-old has penned a deal to 2028.
Wolves chief Matt Hobbs said of the 18 year-old: “Leon stepped up last year in a tough time, when we had some injuries, and showed the potential that he has.
“He’s still at the start of his journey, with loads to learn and loads of development still to come, but to secure him to a long-term contract which allows us to go through that development cycle with him is obviously great for the football club.
“There’s been lots of interest in him from other clubs, so it’s been a nice one for us to secure and it shows our commitment to him as well as his commitment to us.
“What he experienced last season can only help his development. Making your first Premier League start against an Aston Villa team who were flying at the time, with very expensive centre backs to come up against, would have given him a taste of what’s required and the areas that he still needs to work on, develop and improve.
“It’s an exciting future for him; he’s tall, he’s quick, he’s athletic, he can score all types of goals, but there’s a big difference between being able to do that at under-18s and under-21s football and doing it in the Premier League.
“He’s still at the start of his development and has every area to work on. He’s blessed with natural physical attributes, and he needs to refine them, but that’s expected from a boy who came to us at 16 and had only been in academy football for a year previously.
“He’s not a boy who’s come through a category one academy all the way from eight years of age, so he’s still right at the start of his development, after only three years of academy football under his belt, which makes him an exciting prospect.”