The 19-year-old made his debut for the Championship side at the start of this month.
The 19-year-old is reaching the end of the 12 month deal that he signed last summer with the Championship side, but the obvious potential that he possesses has persuaded the Whites to put an offer on the table that would see him stay with the club until 2018.
The Yorkshire Evening Post reports however, that the stopper is not jumping at the opportunity to commit his immediate future to the club as he supposedly wants some kind of assurance regarding his role in the team from next season.
Marco Silvestri is reaching the end of the second year of a four-year deal, and has been the number one for all but one game this campaign, while Ross Turnbull has another year left on his deal with the club (via Yorkshire Evening Post).
Should Peacock-Farrell be seeking confirmation that he will be Silvestri's first understudy, then Steve Evans should surely have no hesitation when it comes to assuring the youngster.
Though Turnbull is an experienced keeper, there is no doubt that the academy graduate has the potential to surpass the former Chelsea man's level considerably, as he hinted at when he made his debut against Queens Park Rangers at the start of the month where only a late penalty denied him a clean sheet.
However, the choice may become a little more difficult if Peacock-Farrell wants more first-team opportunities. Though Silvestri has been guilty of mistakes every so often, and his distribution has remained a major concern since he joined the club, the Italian has the ability to produce match-winning performances and is unlikely to be happy at the idea of spending more time on the bench.