The 19-year-old has been deputising for Wallace in the centre of the park since the former Everton man sustained a knee ligament injury in October.
Power, who has started every game since, believes that he has performed well enough to earn a place in the Rovers starting XI next season.
"I feel I've done myself justice and hopefully I can form a partnership with James and we can drive the team on," he told the club's website.
"The sooner James is fit and back the better for the club. He's an outstanding player and captain. His are big shoes to fill."
Power also revealed that he was close to joining non-league side Nuneaton Town on loan before securing first-team football.