Norris was restricted to just one Sky Bet Championship appearance during the 2017/18 season, but played in all of Wolves’ six cup fixtures, keeping five clean sheets.
The goalkeeper, who signed from Cambridge United last summer, recorded shut-outs against Southampton, Manchester City and Swansea City during the club’s Carabao Cup and FA cup campaigns.
Norris said: “It’s nice to have the club show so much faith in me and it’s really pleasing to sort my future out so early on.
“It was really nice to have that chat and get it sorted before the season starts.
“It reinforces the confidence the football club have in me, it’s a huge compliment.
“It’s been a fantastic year for the football club, I’d have loved to have played a bigger part than I did but the part I did play, I am extremely happy with. It was a positive year for everyone involved.
“We can’t underestimate the level of the opposition that we will be coming up against next year.
“We faced a couple in cups last year but the Premier League is a completely different beast.
“I know for a fact that no one here is underestimating the size of the challenge ahead.”