The England U16 winger, having just turned 17, has now signed a senior deal with Wolves.
Ballard-Matthews was named as a substitute for the Wolves first-team as a 15-year-old in their Carabao Cup tie with Blackpool in August 2023.
He told the club's website: “It's a really good feeling to sign my first professional contract. I'm really happy and can't wait to get going. Last season I showed glimpses of what I can do, but now this season I'm looking to get a run of games consistency and show what I can do to help the team.
“When I joined, I had quite a quite a good start. I got called up for England and then got on the bench for the first-team, so it was quite a crazy couple of weeks. I had a really good season in the under-16s. Last year I found the under-18s quite hard, and got a few injuries, but now this season I’m just looking forward to staying on the pitch, staying fit, and doing what I can do best."