The 17-year-old has been on Wolves’ books for the past four years, and featured predominantly for Steve Davis’ under-18s side last season.
The former Birmingham City prospect joined Wolves at the age of 13 and has risen through the ranks to feature for the under-23s last season under James Collins.
During his time in old gold, Barnett was part of the under-15s team which won the Premier League indoor tournament against Chelsea and has regularly trained above his age group.
Last season, he scored four times for the under-18s and featured on their journey to the FA Youth Cup semi-final, as well as making his under-23s debut against Reading.
Now, the aim is to cement a regular place at the reformatted under-21s level under Collins, and academy manager for football Jon Hunter-Barrett believes he’s up for the challenge.
He said: “We’re delighted we’ve been able to agree a first contract with Ty. It’s the right time for him to turn professional, it’s the next step of his journey now, and the next challenge for him, which is needed.
“The next stage is to work his way into James Collins’ side. He’s got to take himself to the next level and get into the under-21s. He’s a talented player and we’re confident he can embrace the challenges in front of him and deliver.”
Barnett is in the process of returning to fitness after picking up an injury towards the end of last season and is keen to show the natural ability he has to compete in the under-21s midfield.
Hunter-Barrett said: “He’s had some setbacks with injuries, so now it’s about getting him back to full fitness and getting into the 21s.
“Ty is an eight, he can play box to box, he can dribble, he can create and he can score. We think highly of him, he’s got a lot of natural ability and technique. His ball striking with both feet is incredible, so now he’s ready for the next challenge.”
