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After a series of impressive outings with the first team, most notably his outstanding goalscoring performance against Aston Villa, David Moyes has ensured that the teenager's future is with Everton.
The delighted Everton boss said: "We're always keen to get our young players signed up, especially if we think they've got a bright future. It's nice to get Jack signed and tied up and hopefully now we'll move on to the next part of his career - his progression into a regular first-team squad player."
But he was also keen to stress that no extra pressure was going to be put upon the teenager as he is far from being the finished article.
Moyes said: "We think he's got a chance of being a good player but that comes from development, progression and I won't push him to hard too soon. He's had one or two performances which have been excellent, and if he keeps doing that then that's exactly what we want.
He added: "There are bits of his game which he has to improve and that will come with the experience of matches."
And Rodwell is one of a long line of young Everton players that have been given the chance to flourish in the first team under David Moyes.
Since he's been in charge at the club he has overseen the development of youngesters such as James Vaughan, Victor Anichebe, Leon Osman and some fat lad that plays somewhere else now.
Added to that Moyes has also brought in a number of youngsters such as Dan Gosling, Luke Juckewietz and...er...Scott Spencer.
Rodwell was given his debut by David Moyes when he came off the bench against AZ Alkmaar last season and became the youngest ever player to represent Everton in Europe aged just 16 years and 284 days.
Colin Harvey had held this record since making his debut, aged 18, in a 1963 European Cup tie against Milan in the San Siro.
And if Rodwell can become even half the player that Harvey was then we really do have a player on our books!