The 22-year-old has spent the last month with the U's on loan from West Ham United.
Sears has started three matches for Colchester in that time and boss Ward wants to see more of the youngster.
Ward said: “We brought Freddie in to play and he wants to play.
“But he respects that the front guys are doing a really good job at the moment.
“I’ve spoken to West Ham and we’re going to extend Freddie’s loan.
“I’d be delighted if we could keep Freddie around because he is a good player."
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