The son of former Real Madrid captain Marcelo, Alves has inked terms after turning16 years of age.
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Alves, despite his father's success with Brazil, has committed to Spain, where the striker has been capped at U15, U16 and U17 level.
"Happy to sign my first professional contract," he wrote on his social media.
Enzo is officially part of the Juvenil B squad, but has been training with the Juvenil A team since the start of the season.
This season, the striker has tasted action in the UEFA Youth League and made his debut with Castilla in December.
Enzo's new deal runs to 2027.