Keogh has endured a strained relationship with Wolves fans at times this season but manager Mick McCarthy has constantly stood by his man, and he is delighted to have kept hold of the 22-year-old.
"From stepping in the door just over two years ago, Andy has had a huge impact for us," the Wolves boss told the club's official website. "He's a striker but he's also played wide left and wide right when required as good, if not better, than anyone else and always puts a real shift in.
"There's always been interest in Andy from other clubs and all the managers I speak to like him. There have been a couple of occasions where he's had a rocky relationship with the supporters and perhaps hasn't quite been appreciated for all the graft he puts in.
"But all he ever wanted to do when he sat down in the office with me was to sign and stay on here. He loves it at Wolves and wants to play for this club and I think that's fantastic."