The 24-year-old has been in fine form this season, scoring 11 goals in all competitions and forming a strong partnership with Danny Ings up front.
Amid reported interest from Scottish champions Celtic, Vokes has signed an extension that keeps him under contract until 2017.
Manager Sean Dyche stated his delight that the new deal had been agreed, adding that he feels Vokes can continue to improve with the Championship club.
"Sam is enjoying his football and developing as a player," he told the club's official website.
"We have all seen, so far, great signs of how his all-round game is improving and we are delighted he has decided to stay with us.
"I spoke to Sam in the summer and told him we wanted him to be part of what we are looking to do here at Burnley and he has responded to that challenge.
"He is putting in consistent performances and scoring goals and becoming the player we think he can be, so we are delighted that he is going to continue that process with us as we move the club forward."
Manchester United eyeing surprise move for AC Milan star for whom tension in Italy is growing: report
‘Even though Kevin Keegan was my boyhood hero, we never really saw eye-to-eye. That was an underwhelming time for me – I felt on the outside’: Newcastle cult hero reveals disappointment over how things went under King Kev
