The deal will take the 33-year-old into his 12th season with the Swansea-based region, for whom he has been instrumental to the front row scoring 43 tries in 168 appearances.
Parry, who has seven caps for Wales, is in the 2025 Six Nations squad but has yet to play in the tournament.
Speaking on his new deal, Parry said:
“It’s great to be continuing my journey with a club that has played such a big part in my career. Pulling the jersey on and representing the club and the supporters means a huge amount to me.
“I’m really enjoying my rugby at the moment. It’s hard not to with the group of boys we have here, everyone is pulling in the same direction, and we all believe in Mark’s vision for the future of the Ospreys.
“We’ve also got the move to St Helen’s coming next season, and everyone involved with the club is looking forward to that. For now though, we’re focused on the task at hand, and that’s pushing on and achieving something special this season.”
Head Coach, Mark Jones, said:
“Sam has been an important part of the Ospreys for a long time now and is a real stalwart of the club. He is one of the most consistent players in his position and someone who can be relied on in those big moments.
“The Ospreys were built on people like Sam, who turn up every day, give their all, and push everyone around them to be the best they can be. That’s something we will always value at this club.”
[Ospreys Rugby]