The Wales under-21 player, who turned 19 earlier this month, has signed a contract that runs until the end of June 2025, with the club having the option of extending into the 2025-26 season.
Jones was spotted by Town playing for Wrexham academy and moved to the club in September 2019. He signed his first professional contract less than a year later and went on to make his senior debut in the FA Cup tie against Plymouth Argyle in January 2021.
His Championship debut followed when he came on as a substitute in the game at Watford in the same month, with the wingman named as the club's Academy Player of the Year in 2020-21.
Head of Football Operations Leigh Bromby commented: “It’s great news that Pat has committed his future to the club for the long term, as he is a player with great ability and high potential.
"He’s only 19 and will certainly improve, but Pat’s direct style of play is already one that fans will enjoy watching. He’s an intelligent lad and combines that with some top-quality athleticism.
"He’s already had a taste of Championship football, and now his challenge is to force his way into Carlos’ (Corberan's) squad more permanently.
"He’s trained extensively with the first team, most recently during the period surrounding the play-offs, and now we want him to hit the ground running in pre-season.