The former Chelsea reserve has agreed a contract extension that will keep him at Hillsborough until 2020.
The news comes as the Owls revealed in the early hours of this morning that Fernando Forestieri is staying at the club, also until 2020.
Hutchinson has been Wednesday's best player this season, beginning the campaign with steady performances in defence before reverting to the middle of the park and producing superb displays.
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The 27-year old has missed just two games this campaign, scoring twice and has been named Player of the Month three times.
Hutchinson was brought to Hillsborough by former head coach Stuart Gray, initially on loan in February 2014 before making the move permanent the following summer.