Woodburn scored in a League Cup tie against Leeds United last November at the age of 17 years and 45 days to beat Michael Owen’s record.
At international level, the forward made his senior bow for Wales last month and marked it with a goal in a World Cup qualifier against Austria.
Woodburn’s progress has been rewarded by what Liverpool call a “long-term” deal — Britain’s Press Association said it understood the contract would run over five years.
“It’s an unbelievable feeling to sign a new contract with Liverpool,” the 18-year-old told the club’s official website.
“This is the club I want to stay at and be here as long as possible. When I was told, all I wanted to do was sign the contract. It feels good. Now I just want to carry on and hopefully show the manager what I can do.”
Woodburn joined Liverpool’s academy as an under-sevens player and has risen through the ranks, being named the Academy Player of the Year for 2016-17.
Liverpool boss Jurgen Klopp said: “Ben knows how committed we are to him and he and his family know this is the best environment for him to grow, learn more and become even better and better.”
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