McEachran is regarded as one of the best prospects to emerge from Chelsea's youth academy for years and many pundits expect him to play a significant role under new Blues boss Andre Villas-Boas.
The 18-year-old was part of Chelsea's FA Youth Cup-winning side in 2010 and has so far made 17 first-team appearances, including four starts.
McEachran hopes to feature more often this season and told the club's website: "I need to keep working. This season my target is just to play more minutes. Hopefully I will play more games and keep improving."
Meanwhile, McEachran's fellow England Under-21 international Ryan Bertrand has agreed a new four-year contract with the Blues.
Bertrand joined Chelsea from Gillingham in July 2005 and had loan spells with Norwich City, Reading and Nottingham Forest before making his Chelsea debut as a substitute against Birmingham City in April.
The defender is competing with Ashley Cole for the left-back berth and he knows it will be a tough challenge to become a first-team regular.
"Obviously Ashley Cole is number one left-back but hopefully I can get a game here and there," he said.
"I am aiming to get a few more games. I hope to stay here this season and hopefully catch the manager's eye."
"It's refreshing to have the new manager come in. I am looking forward to listening and learning from him."
"I can see the manager is young and hungry and wants to take the club forward so I want to be part of that and I thought it was best for me to stay."
England under-21 pair signs new Chelsea contracts
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