The deal will see the 17-year-old forward, who enjoyed an impressive end to the campaign, remain at stadiummk until at least the end of the 2015/16 season, with the option of a further year.
“I’m a massive advocate of bringing these young players through and he is a massive part of what I’m trying to do at the Football Club,” Karl Robinson told mkdons.com.
“He’s an exceptionally-talented kid, a kid who I hope has a bright future here before he goes off to do what he’s got to do elsewhere.
“I keep saying to all the younger players ‘Help get this Club up as it will develop your careers too’. He’s already shown tremendous quality at the back end of the season and there’s only more to come from Giorgio, which will only benefit the Football Club.”
An England U17 international, Rasulo made his debut for the Club in November 2011, coming on as a second half substitute in the 6-1 FA Cup victory over Cambridge City at stadiummk.
Rasulo's strong performances for the U18s last season earned him a first call-up to the England U16 squad for the Victory Shield match against Scotland, where he went on to score a late winner to secure the trophy for the Young Lions. He also finished as second top goalscorer in England U16s’ Montaigu Tournament.
Giorgio became a regular feature in Karl Robinson’s first-team squad towards the back end of the 2012/13 season, making his league debut in the 2-0 win away at Stevenage in April.
After being offered a scholarship last summer, Rasulo spent the majority of pre-season with the first-team while also representing England in the recent Nordic Tournament. He went on to make nine appearances in the campaign just gone, which included him setting up the winner in the 2-1 success over Coventry City in April.
An interview with Giorgio will be available to view on MK Dons Player over the weekend.