Both have made the breakthrough into the Rovers first-team this season and boss Ronnie Moore is delighted they have agreed new deals.
He said: "I'm pleased to have signed Aaron and Terry on new contracts. They are talented young players with a lot of potential and both have shown what they are capable of this season.
"It is great to see two players come through the youth system at Tranmere to sign their second professional contracts, and is a credit to the work being done by our youth department.
"They have both proven they can play at first team level and hopefully will push for regular starting places next season."