The 21-year-old came through the youth ranks at Rovers, but two serious injuries have restricted him to just seven senior appearances.
However, after a run in the team near the end of the 2012/13 campaign manager John Ward has handed him a new deal.
"He's proved to John and his team that he has something to offer," chairman Nick Higgs told the club's official website.
"We are delighted that Ollie has signed a contract extension with us."
- Sports & Recreation