The 22-year-old joined the Chairboys last summer and has been an integral part of their run to the League Two play-off final, which will be contested with Southend on Saturday.
He has made 34 appearances, scoring four goals, and will now stay at Adams Park until the summer of 2016.
Boss Gareth Ainsworth said: “When Aaron came to us last summer, he was very raw, but we knew with hard work we would be able to unlock the potential in him.
“He’s come on leaps and bounds and is really showing that he’s capable of fulfilling that potential, so much so that he’s received interest from other clubs.
“We’re delighted that he’s staying with us and I’m excited about the prospect of having a fully-fit, confident Aaron Holloway in my squad for the 2015/16 season.”