The midfielder agreed terms before departing on a season-long loan to Swiss side Grasshopper Club Zurich, alongside Renat Dadashov for 2020/21.
Ronan joined Wolves Academy in 2014 and rose through the ranks to make 14 senior appearances, having made his debut in December 2016 against Nottingham Forest.
The Republic of Ireland under-21 international’s development has come on loan in recent years – spells which saw him named the club’s Loan Player of the Season last term.
33 appearances with DAC Dunajska Streda in Slovakia were followed by time at Blackpool in League One, where he scored a stunning goal against Bolton Wanderers, before the season was curtailed.
Scott Sellars, head of Academy, said: “We recognise that Connor keeps improving, but we also recognise that he’s a young player with a lot more development still to come, which is reflected in this new contract.
“What we love about Connor is his attitude to try new experiences. A lot of players from England don’t want to venture outside their doorsteps, but Connor’s got a very forward-thinking attitude to go and try new things.
“He went to Slovakia and thrived, improving himself not only as a player, but also in his personal development, experiencing and relishing the different cultures.
“He’s also done very well at international level with the Republic of Ireland under-21s and Stephen Kenny, who was the under-21s coach and is now the head coach, has always rated Connor very highly. We hope he will soon progress to the full Ireland squad, because we believe he has the ability and potential to do that.
“Connor’s next challenge is to do well with this new opportunity at Grasshoppers, and we hope it is another step in helping him to progress even further in his career.”
