The 19-year-old joined the Toffees from Sunderland in a deal worth around £1 million in 2021.
After impressing with his performances for the Under-18s during the 2021-22 season, the youngster became a regular starter for the U21s last term.
He featured in 26 Premier League 2 matches in 2022-23, registering four goals and two assists.
The striker has made three goal contributions in six Premier League 2 games this term.
Okoronkwo is yet to make his senior debut for the Merseyside outfit but has been part of the first-team matchday squad.
He mainly plays as a centre-forward but can also be used on either flank. The teenager boasts excellent speed, movement and balance.
Everton also handed Jarrad Branthwaite a new contract earlier this month.
The 21-year-old’s previous deal was set to expire in 2025, but the new terms ensured he would remain at Goodison Park until 2027.
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