The teenage pair, key members of Blues Development Squad, have both impressed boss Lee Clark since he arrived at the club and have now been rewarded with fresh deals.
Solihull-born Hancox, 18, made his senior debut during last Saturday's fixture against Huddersfield Town having progressed through the Blues Academy ranks from the age of eight. The left-back, a born-and-bred Bluenose, signed his first professional deal in May and was part of Clark's first-team squad for the pre-season training camp in Austria.
"I'm happy to have signed my contract extension and now have that security until the end of the season," said Hancox. "It's just about cracking on now and hopefully earning myself another contract beyond this season."
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Deaman, 19, signed for Blues in August 2011 having previously been at Wrexham. Like Hancox, the versatile centre-half also signed his first pro contract last May and played a major part in the club's pre-season preparations domestically and over in Austria.
Deaman told bcfc.com: "The gaffer has told me that I've just got to keep doing what I'm doing for the under-21s and in training and my chance will soon come. There have been quite a few of the younger lads who have been given a chance this season and it's obviously good for all of us because you know the manager will give you a chance if you're doing well."