The 21-year-old, who made his NRL debut in 2010, was included in the Emerging Queensland State of Origin squad for the first time earlier this year.
He has now played 24 NRL matches, including both of the 2012 finals, and was part of North Queensland’s NYC grand final team in 2011.
“Everyone at the Cowboys is extremely happy with how Michael has progressed through our system to become a regular in our NRL squad at a young age,” Parr said.
“It’s always a priority for us to keep North Queensland’s best young players in North Queensland and that’s what we have done with Michael extending his contract with us for another two years.
“He’s a great example of what this club is all about and there’s no doubt his best football with us is yet to come.”