The 17-year-old, who came through the Portman Road club's academy, has an option to extend his contract by a further year.
Crowe told Ipswich's official website: "Obviously I'm delighted to have been offered a pro deal. This is a great football club and I feel I am learning all the time and making progress.
"I am training every day with Scott [Loach] and Dean [Gerken] and that is helping my development and I've got a fantastic coach in Malcolm Webster as well.
"I've been around the first-team this season and if I can put pressure on the two keepers then great, but my main focus at the moment is to be as good as I can be and play as much as I can for the Under-21s."
Crowe is a Wales Under-19 international.