The 18-year old has made seven first team appearances for the Dave Jones’ outfit, netting his first senior goal in the process.
Barkley is held in very high regard by the Goodison hierarchy and will be hoping to gain vital match experience until called upon by David Moyes.
Owls boss Jones has been impressed with the Wavertree born star since his arrival last month.
He said: “Ross has got better and better since he came here.
“The lad has a very bright future and playing games in the Championship will certainly help his development.”
Follow Gary Maiden on Twitter @GaryMaidenEFC