The 18-year-old striker has agreed a two-and-a-half year deal with The Rams.
McLeod has been given his chance in the Derby first-team this season after progressing through the ranks at Pride Park.
The highly-rated hit-man has scored two goals in 18 appearances for Derby this term and is tipped for a big future in the game
"We are delighted Izale has put pen to paper," said club secretary Keith Pearson "It is great that he has pledged his future to the club and we all hope he goes on to bigger and better things on top of what he has already achieved."
The player's agent Gino Culbertson admitted that his client was delighted to sign his first deal with the club.
"Izale is delighted to have signed his first deal with the club," Culbertson told Planetfootball.com.
"Hopefully he will impress and be awarded an improved deal in the future."
