The 21-year-old defender, who was picked up from Brentford following their decision to move away from the Academy structure, has enjoyed a steady rise at the club since joining in 2016.
In 2017/18, Mitchell would play key roles in the Academy sides, scooping league titles at Under-18 and 23 level, before graduating to the first-team squad during pre-season in the summer of 2019.
A thigh injury initially sustained on that tour would delay his progress in establishing himself at the highest level, having to wait until July 2020 for his first Premier League minutes against Leicester City. The left-back has now made 18 appearances for the Eagles so far under Roy Hodgson.
This season, Mitchell has developed into an established Premier League player, sharing the left-back spot along with Patrick van Aanholt.
The Academy is quickly becoming the crux of Palace's future, with substantial investment in the new training complex at Copers Cope, in addition to securing several prospects to professional deals, such as Jesurun Rak-Sakyi, David Omilabu, Tayo Adaramola, Fionn Mooney and Jadan Raymond.
Commenting on Mitchell’s extension, Crystal Palace Chairman Steve Parish said, “This shows once again how our Academy can attract the very best young talent and develop them into first-team players. Tyrick’s progress is an immense source of pride for our club and Academy."
Speaking with Palace TV, Mitchell said, “I’m delighted. It’s a great place to be and an exciting time so I’m delighted to sign a contract. I can see, especially with the Academy building now and Academy players coming through, it’s a great time.”