Goodwin, 20, joined Cables in January and has produced a number of eye-catching performances, including a late winner against Newcastle Town earlier this month.
He is now committed to the club until the end of the 2022/23 season.
Manager Kevin Lynch said: “The sky is the limit for Jack in terms of what he can achieve in the game.
“He has been a breath of fresh air since he has come into the club and always gives us 100%, his versatility is incredible.
“I think we could play him in goal if we needed to and he’d still produce a 9 out of 10 performance.
“Jack is certainly going places in the game and hopefully, by committing to us he takes us with him on that journey.”
Goodwin is the second player to be rewarded with a contract this season, following on from Mitch Allen, who penned a similar deal back in November.
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