The 17-year-old academy graduate has made four first-team appearances for the Cobblers this campaign and manager Aidy Boothroyd is thrilled with his development.
He told the club's official website: "Ivan has progressed really well.
"He might not quite be ready for a run of games in the first team just yet, but he has made big strides and we wanted to get his future tied down.
"He is another product of our academy and Trevor Gould and his staff deserve a lot of credit for the increasing number of young players emerging from our academy.
"Ivan can be really pleased with what he has done so far, but the challenge for him now is to kick on again. We will push him and work hard with him but he has all the natural ingredients a striker needs.
"This season he has got himself ahead of some older players in the pecking order and it is great news that he is tied down to June 2016."