The 20-year-old, who came through the youth ranks at Gresty Road, has scored five goals in 37 appearances since making his professional debut in 2012.
Colclough had been invited to train with Wolverhampton Wanderers, but the Stoke-born player has opted to stay with the Railwaymen.
The winger could feature for Crewe against Port Vale on Saturday.
Restore Data
| Team | P | W | D | L | F | A | GD | PTS | |
| 1 | Walsall | 19 | 12 | 4 | 3 | 35 | 19 | 16 | 40 |
| 2 | Port Vale | 20 | 10 | 6 | 4 | 26 | 19 | 7 | 36 |
| 3 | Crewe AlexandraCrewe | 19 | 9 | 7 | 3 | 24 | 16 | 8 | 34 |
| 4 | AFC Wimbledon | 19 | 10 | 3 | 6 | 31 | 16 | 15 | 33 |
| 5 | Doncaster RoversDoncaster | 20 | 9 | 6 | 5 | 28 | 23 | 5 | 33 |
| 6 | Chesterfield | 20 | 8 | 7 | 5 | 35 | 23 | 12 | 31 |
| 7 | Grimsby Town | 20 | 10 | 1 | 9 | 27 | 30 | -3 | 31 |
| 8 | MK Dons | 18 | 9 | 3 | 6 | 30 | 20 | 10 | 30 |
| 9 | Gillingham | 19 | 9 | 2 | 8 | 20 | 16 | 4 | 29 |
| 10 | Bradford CityBradford | 19 | 7 | 7 | 5 | 24 | 19 | 5 | 28 |
| 11 | Notts County | 19 | 7 | 7 | 5 | 25 | 21 | 4 | 28 |
| 12 | Salford City | 19 | 7 | 6 | 6 | 20 | 19 | 1 | 27 |
| 13 | Cheltenham TownCheltenham | 20 | 7 | 5 | 8 | 27 | 28 | -1 | 26 |
| 14 | Bromley | 19 | 5 | 9 | 5 | 23 | 23 | 0 | 24 |
| 15 | BarrowBarrow | 19 | 6 | 5 | 8 | 18 | 18 | 0 | 23 |
| 16 | Newport CountyNewport | 19 | 6 | 5 | 8 | 21 | 28 | -7 | 23 |
| 17 | Fleetwood TownFleetwood | 17 | 5 | 7 | 5 | 23 | 22 | 1 | 22 |
| 18 | Colchester UnitedColchester | 19 | 4 | 10 | 5 | 23 | 22 | 1 | 22 |
| 19 | Tranmere RoversTranmere | 19 | 5 | 6 | 8 | 14 | 26 | -12 | 21 |
| 20 | Harrogate TownHarrogate | 20 | 6 | 3 | 11 | 17 | 30 | -13 | 21 |
| 21 | Accrington StanleyAccrington | 18 | 4 | 6 | 8 | 25 | 33 | -8 | 18 |
| 22 | Swindon TownSwindon | 20 | 3 | 7 | 10 | 23 | 34 | -11 | 16 |
| 23 | Morecambe | 20 | 3 | 5 | 12 | 19 | 36 | -17 | 14 |
| 24 | Carlisle UnitedCarlisle | 19 | 3 | 5 | 11 | 15 | 32 | -17 | 14 |
| > League Two Full Table | |||||||||
