The 22-year-old attacking midfielder made 34 appearances for Rovers last term in his first full season in senior football, scoring one goal.
Rovers said there is an option for Barlow’s contract to be extended by another year.
The former Manchester United academy starlet gives McSheffrey another option across the front line, as a number ten or wing back.
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Barlow told Rovers’ media team: "I’m delighted, I got 34 games under my belt last season and it was a big learning curve as my first year in professional football.
"While we hoped for more as a team, I felt like I was developing constantly and picking up things to improve in my game.
"Going into next season I expect a lot more of myself and I see it as a big chance to show the fans what I can really do."
Boss Gary McSheffrey has challenged Barlow, who started 13 games in League One last season, to find more consistency.
“If you play in attacking areas we need the end product - the goals, the assists, the creativity, the ball retention,” McSheffrey told Rovers’ official website.
“He was unlucky at times last season not to get the end product but this year is about challenging himself to get those numbers.
“Can he be a starter for the team and can he keep his shirt? To do that he needs to be consistent - that’s the big thing for him and all the other attackers.
“Everyone wants to be loved and Aidy is one of those characters where if you encourage him, you’re going to get the best out of him.
“We believe offering him a new deal will give him confidence that he’s wanted.
“It’s down to him but I’m confident this could be a good year for him.”