The 20-year old midfielder has penned a deal which will keep him at Pittodrie until the end of the 2013/14 season.
Low, who spent time on loan with Forfar Athletic last year, has now been sent on loan to Alloa Athletic and he is planning to force his way into the Dons first team upon his return.
"I'm delighted to be staying and really looking forward to fighting for a place in the squad when my loan ends at the end of this month,” he said.
"I was on loan at Forfar last season and now Alloa but the message has always been that there is a place for me at Aberdeen.
"I also feel I've developed considerably as a player during my times at Station Park and Recreation Park and hopefully the Dons will reap the benefit when I return."