The 24-year-old has signed an 18-month deal with an option for another season.
Price's previous deal was due to expire next summer and the Shrewsbury-born midfielder has spoken of his delight at securing his Wolves future.
He today told the Express & Star: "The future's bright and I want to be a part of it. I've been here for so long now.
"This is where I want to be, it's a second home for me.
"(The contract) was up in the summer so I was hoping to get an extension. I'm really happy with it.
"It gives me confidence that I've done things he's asked me to do and when I've played I've done well.
"I'm hoping to play a few more games but it's nice to have that security so hopefully I can force my way into the team."
Price has been at Wolves his whole career having progressed through the academy at Compton Park.
He hopes the best is yet to come, but after making 111 appearances in gold and black what's the highlight of his Wolves tenure so far?
"Hopefully it'll be promotion this season," he said. "But promotion from League One for me, because that was my breakthrough season and it was key for me to get involved in the first team.
"Obviously playing against Chelsea was another and tomorrow will be up there if I can play."
Wolves travel to face Premier League leaders Manchester City in the fourth round of the Carabao Cup tomorrow evening.
Price has started each of the three games in the competition so far and will hope to be in the team at the Etihad.
But whoever plays he says Wolves won't change their style, despite facing the best team in the country.
"When called upon you know your role in the team," he added.
"It was key in pre-season, two weeks before the games kicked in (Nuno) got us a way of playing.
"You can see with the performances it's been an excellent start. All the lads have worked well from the start and it's looking good.
"Even the lads who aren't playing as much in the league, they still know their roles, which comes back to pre-season when everyone was playing 45 minutes and knew what they had to do.
"I saw someone say we're not scared of going there. It would be an upset but we don't see it like that at the moment – we're top of the league and they're top of their league. It'll be a good clash.
"We have to go there with our game plan, playing our possession football and see where it takes us.
"We won't change the way we're playing just because it's Manchester City.
"I've played in a reserve game there and the stadium is brilliant. Everyone's buzzing – when the draw's made you're hoping it's you involved in the game.
"It was the same last season when we had the likes of Liverpool and Chelsea. Then once the whistle goes you forget what's around you and concentrate on the game."
Price has worked under a number of managers at Molineux.
What's unique about the Portuguese head coach's approach when compared to his predecessors?
"He always sticks to the way he wants to play and he won't change it for anyone else," Price said. "Preston and Villa were two different sides but we didn't change the way we wanted to play.
"We get the ball down, play from the back if we can. That's key – he doesn't change for anyone.
"(The preparation) has been noticeable from the past few seasons, there's a lot more staff in and around, off the field and on the field. You've got Antonio (Dias, fitness coach) and Joao (Lapa, rehabilitation coach) working in the gym with the lads.
"That's only beneficial for the players and they've got a good relationship with the lads which is fantastic.
"(Nuno) has a bit of a laugh with the lads as well. He knows when to work and have a laugh. He gets his points across really clearly so when you step on the pitch you know exactly what the job is.
"Obviously the results help with supporters and around the club, you think everything he's saying it makes sense.
"I'm not surprised how quickly it's settled down (with the new signings). There are a few new faces but they're quality players.
"It hasn't taken time to bed in and the lads are looking really strong.
"You want to raise your game, playing with the likes of Neves in training, you see things he does. You need that competitive edge.
"(The quality) has jumped up even more with the players we've brought in and I can only see it getting bigger and better. The competition is that high with the lads.
"I'll be patient and hopefully when I get my chance, which will happen at some point, you've just got to take it."