The 19-year-old has been the only ever-present in Neil Warnock's squad since making his debut on the opening day of the 2012/13 season.
The highly-rated defender had been the subject of speculation, with Norwich City, Everton and Fulham all reportedly interested in signing him during the January transfer window.
However, Byram has put an end to all the rumours by signing a new deal at the club.
Byram was handed his first professional deal in the summer, before making his senior debut in the Capital One Cup in August against Shrewsbury.