The 25-year-old has already topped 100 appearances for the Liberty Stadium-based outfit and is comfortable playing anywhere across the back row. He won six caps for Wales U20 and was called up to the 2017 Six Nations squad.
His high workrate has been underlined this season by the fact he currently leads the Guinness PRO14 stats for making the most tackles with 171.
“My 50th and 100th caps for the Ospreys are two of my proudest moments in rugby, because I’ve always had to work hard to reach those landmarks given the fiercely competitive back row situation at the Ospreys, where we currently have two British & Irish Lions and an Olympian,” said Cracknell.
“The nature of the last few years has certainly brought us tighter as a group of players and I hope to run out for plenty more games alongside the mates I’ve made here since I joined in 2014.”
Cracknell is the latest player to re-sign with the Ospreys, along with fellow backrowers Dan Lydiate and Sam Cross, centre Owen Watkin, locks Bradley Davies and Adam Beard, wing Keelan Giles, outside half Cai Evans and props Ma’afu Fia, Tom Botha and Rhodri Jones.
Skipper Justin Tipuric has also re-signed and the players will welcome a new head coach next season in Toby Booth. Also on the books for the new campaign are fullback Mat Protheroe, prop Nicky Thomas, lock Rhys Davies and scrum half Rhys Webb.
“It has always been an aspiration of mine to win silverware with this team and I’m looking forward to spending the next two seasons helping the Ospreys work towards getting back into the play offs in the PRO14 and competing in European,” added Cracknell.