The 24-year-old has committed his future to Rovers for the next five years by extending his contract until the summer of 2019.
"I'm delighted, I'm very happy," the striker told Rovers Player
. "It is a fantastic football club and I'm very lucky to be here.
"I enjoy coming in every day and to have an extension of two more years on top of my current contract is a real bonus.
"I was delighted to sign it, it is a club I enjoy playing for. The fans have been great ever since I've come in the place and I've just thoroughly enjoyed it so I'm delighted to be here."
Signed from Huddersfield Town for a record £8m fee in the summer of 2012, Rhodes didn't disappoint, bagging 28 goals and voted player of the year in an outstanding first season.
The Scottish international maintained that rich vein of form during the 2013-14 campaign, finishing top scorer once more with 25 goals.