Freddie Draper has committed his future to the Imps by signing a contract to remain with the club until the summer of 2028.
The 20-year-old has been a regular in City's matchday squads this season, scoring four times.
The Academy product is highly-rated and City rejected approaches from other EFL clubs during the Summer and January transfer windows.
Head coach Michael Skubala said: “He has earned this contract for his hard work throughout the season. As he says there is more to come from him and we can all see the real potential he has. Strikers capable of playing in League One are hard to find - he is already there and has all the attributes to excel at this level.
“This shows the real belief we have in him and should give him encouragement for the rest of the campaign and beyond. Everyone in the coaching staff is looking forward to helping him continue his development.”
Director of football Jez George added: “When you look at the transfer fees and wages being paid for centre-forwards in League One, we have to accept that we cannot afford to sign proven players in this position at their peak. Therefore, as well as signing a player of James Collins’ experience and calibre, we must develop our own and that is why it is so important to have extended Freddie’s contract. There are not many 20-year-old centre-forwards playing in League One that are not on loan from Premier League clubs and Freddie will still only be 23 years old when this new contract expires.
“We understand the world in which we operate and that in football, patience is in short supply but development is never linear and there are always bumps in the road. Therefore, we always need to take a long-term view with young players, especially one with Freddie’s unique profile, attributes and potential.
"He is still so young and has so much more to come, even though he has already led the line for us in League One this season. We look forward to Freddie continuing to develop at Lincoln City, with the help of the coaching staff and learning every day from James Collins, who is a perfect role model and mentor for him."