The Welshman, who still had two years left on his current deal, was an important part of the team that achieved promotion to the Premier League in 2009 after signing from Bournemouth the previous year.
However the 20-year-old has found his first-team chances over the previous season in the top flight limited, with manager Mick McCarthy allowing the player to leave on loan to League One side Leeds United in January on a short-term basis.
"It's a great boost for me to have added an extra year to my contract," Vokes told the club's official website.
"And the club staying in the Premier League has added to it.
"I've had limited time on the pitch for Wolves this year with a few substitute appearances.
"But I had a good spell on loan at Leeds which went well for me."
The extension of Vokes' contract would seem to suggest that McCarthy sees the former Bournemouth youngster as a bright prospect for the future at Molineux.
With arguably his most memorable moment in a Wolves shirt this season coming in the 1-0 defeat to Manchester United, when he missed a gilt-edged chance in the dying minutes, the Welsh international admitted that he hoped to be a bigger part of McCarthy's first-team plans next season.
"Hopefully if I get a chance next season I take it because scoring goals in the Premier League is what I want to do," he added.
"From my point of view I want to come back for pre-season and try as hard as I can to push into the squad and the team.
"The Premier League is where everyone wants to be and I'm delighted to have had a taste of it this season.
"But now I want to build on that next year and hopefully get some more appearances and get some starts."