Hayes, who scored twice in Tuesday's win over Rochdale, joined Scunthorpe in December after being released by Norwich and he has impressed Iron boss Brian Laws.
"His performance against Rochdale was pre-empted because I had arranged to discuss a contract on Wednesday," Laws told the club's official website
"We are delighted with his progress, we are delighted with his attitude, and he is one of the keenest kids at the club.
"It will be deal to secure his services for a few years, he is one of the best strikers we have had at his tender age for a long time."
Hayes was delighted at winning a long-term deal with the club.
"I'm ecstatic, Brian Laws pulled me aside on Tuesday and asked me to come in for talks," said Hayes.
"Nothing is done and dusted, we will have a chat and see where it goes from there."
Meanwhile, Scunthorpe have offered professional deals to youth side duo Andy Parton and Andy Butler, but Neil Collins, Sean Singh and Stuart Preston have all been released.
