Myler joined the Welsh region last summer on a one-year deal. He has signed a contract extension at the Liberty Stadium for another year.
The hugely experienced 36-year-old has been widely recognised for his performances during the campaign so far and has played a key role in the resurgence at the Ospreys.
In his time in Swansea so far, Myler has played 13 games, kicked 23 conversions and 28 penalties and already accumulated 130 points for the Ospreys. It has taken his career tally to 3,039 points.
As a European Challenge Cup and Premiership final winner with Northampton Saints, his experience has proven invaluable for the likes of young Ospreys Keiran Williams, Tiaan Thomas-Wheeler, Reuben Morgan-Williams, Josh Thomas and Joe Hawkins.
Myler was Ospreys head coach Toby Booth’s first signing and said: “When I spoke to Toby in the summer, he outlined his plans and all of those plans are now in motion.
“As a squad we are making progress and I have been happy to play a part in that. It really was a no-brainer for me to re-sign and I am really happy I am staying here longer than I initially thought.
“I know what I can bring. I have a lot of experience but I am also learning things at the Ospreys every day. Despite the amount of time I have been in the game, it is constantly evolving all the time. You always need new challenges and new things to focus on and I have given my all to this.
“First and foremost, it’s about doing the job on the pitch. People wouldn’t listen to me if I didn’t do that. So my first focus is playing as well as I can and helping the team to function is part of my job.
“I know how important it is for younger players to have experienced players around them. I had that as a youngster and it really helped me to develop.
“Everyone has seen how the younger players have been given an opportunity here and have really started to improve and have begun to add to the Ospreys.
“If I can play a small part in helping them, I consider that a privilege.
“I am at the stage of my career where enjoyment is a big thing and I have fully enjoyed my time here because I feel I have a purpose, we have a goal we are all working towards, and that as a group we are all pulling in the same direction.”
Booth added: “When you are trying to create an identity, you need leaders and coaches on the pitch who understand it and can deliver it. Also, when you are trying to develop and grow a lot of players, there is a balance between the foolhardy youngsters and experienced old timers.
“From that point of view, effectively having an extra coach on the pitch, which is what Stephen is, allows him to coach in the moment. He is very generous with his knowledge and very committed to the project he is in.
“Once I knew Stephen was available and had a conversation with him it was a no-brainer to sign him. I know Stephen and have seen what he has brought to the teams he has played for over the years, and he is not worried about being the all-singing or all-dancing No 10 who takes all the limelight.
“He is the bloke who stitches it all together and we have a lot of quality at the Ospreys, but it needs to be stitched together. He does that for every side he plays for.
“He is still fit as a butcher’s dog, looks after himself exceptionally well, a brilliant professional, is delivering on the pitch and is a humble guy who epitomises what we want an Ospreys man to be.”
