The highly rated 18-year-old goalkeeper has put pen-to-paper on a long-term deal with the football club.
"I'm very happy because it is a chance to carry on my career," Raya told Rovers Player
"It is a good achievement for me and my family, I've been working hard every day for this.
"I've been here two years so it was an easy decision to make, it is a dream."
Having joined from Barcelona-based club Cornella, Raya has quickly progressed through the ranks at Rovers.
After spending his first season playing for the Under-18s at the Academy, Raya was part of Gary Bowyer's first team that travelled to Portugal last summer in pre-season and was awarded a squad number.
This campaign Raya has featured regularly for both Eric Kinder's development squad as well as the Academy with 23 appearances to date.
Raya is expected to be back in action for the Under-21s next Monday night when Rovers take on Newcastle United at Ewood Park.