Only half-way through his second year as a professional, Gray has made eight appearances for the Warriors. His dominance in the line-out during those eight games earned him a call-up to the Scotland training squad during the Bank of Scotland Corporate Autumn Tests which resulted in a cap at A level when the Scots defeated Tonga 38-7 at Netherdale.
On signing his new two year contract, Gray said: "I'm Glasgow born-and-bred and have watched the Warriors since I was a little boy. It's been an ambition of mine to be involved with the club for a long time so I'm delighted to have extended my contract.
"I feel Glasgow have the ability to win the Magners League and do well in the Heineken Cup in the coming years and I want to be part of the team that sees Glasgow flourish."
Warriors head coach, Sean Lineen, added: "His attitude is outstanding and the guy is going to be a real star and I'm glad he's going to achieve that with Glasgow.
"He's a real talent, and with the way Glasgow are going at the moment, it's fantastic to have young, hungry players who just want to play rugby."
Glasgow Chief Executive, Kenny Baillie said: "Richie has come up through the age-grade system in the area and it's great to see him play for Glasgow at the highest level.
"It's a great boost to everyone associated with the Warriors that he's committed his future to the club at such an exciting time."
Looking ahead to the 1872 Cup derby which awaits his side on Sunday (27 December, kick-off 3.05pm - live on STV) Lineen continued: "Today's big signing comes ahead of a massive match on Sunday afternoon. Edinburgh have set the pace in the last few years and will be on a high after their win over Bath at the weekend. We're under no illusions about how big a task we face."
Glasgow's next home game is the first leg of the 1872 Cup derby at Firhill on Sunday 27 January (kick-off 3.05pm). This precedes the return leg at Murrayfield on Saturday 2 January (kick-off 3.05pm). Both games are live on STV.
Tickets to the game at Firhill - priced at £15 for adults in advance (£20 on match days), £10 for students and senior citizens and just £5 for under 18s - can be purchased now by calling the Ticket Hotline on 0844 800 3490, by logging onto www.glasgowwarriors.org or by visiting Greaves Sports (located on Gordon Street and Sauchiehall Street in Glasgow's city centre).