Wickham has scored six goals for Town in 52 appearances, although 35 of those have been from the bench.
He told the club website: "I've been here since I was 12 and feel I'm at the right club to progress as a player. I'm enjoying my football here."
New Town boss Paul Jewell added: "Connor is a terrific prospect although we have to remember he's still only 17.
Have your say on Wickham's new deal
"He's got a lot of learning to do but he's got a good attitude and has shown he wants to do that.
"I'm looking forward to working with him and hopefully one day he will be playing in the Premier League - with Ipswich Town."
Town chief executive Simon Clegg said: "We're obviously delighted that Connor has committed himself to the club by signing a long-term contract.
"He's viewed as a very good prospect by people at this club - and in the game in general - and we are now confident that we will see him in an Ipswich Town shirt for many years to come."
Source: BBC Sport
Source: BBC Sport