The 20-year-olds current deal was set to expire at the end of the season but he has agreed to extend his stay at Ibrox.
Fellow youngsters Barrie McKay, Robbie Crawford and Lewis Macleod pledged their futures to the club with NEW deals earlier in the season.
And contract talks are also underway with Kal Naismith and Fraser Aird, as the Light Blues seek to secure the futures of their promising young talents.
Boss Ally McCoist told the clubs website: "All the boys deserve a lot of credit for coming through and doing their best to make an impact on the team.
"Chris Hegarty has been one of those lads who has come in and been really, really solid and we can look at him and see just how much it means to him to pull on that blue jersey.
"In this day and age thats really important, especially in our current climate, so he deserves the extension to his contract.
"These lads deserve the reward for their efforts and hopefully theyll be the future of the club for years to come."