"Brendan arrived at the football club with a very clear development path in front of him but the reality is that he has surpassed that," manager Roberto Martinez told the club's website.
Galloway joined Everton from MK Dons in August 2014 and made his first-team debut against West Ham United on May 16.
His performances for Everton at left-back in the wake of injuries to Leighton Baines and Bryan Oviedo earned him a call-up to England's under-21 side.
(Reporting by Simon Jennings in Bengaluru; editing by Amlan Chakraborty)
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