It's a major boost for the Ospreys, who follow up last week's GUINNESS PRO12 Welsh derby win over the Scarlets with a game against the Dragons this week.
And Webb couldn't hide his delight at the new deal, revealing that he had turned down offers elsewhere to stay at the Liberty Stadium.
"I'm over the moon to have been able to re-sign an NDC," he said.
"With this security I can concentrate on my rehab without any distractions, knowing that I can put all my efforts into getting back out onto the pitch in the coming months and doing what I love doing the most, which is playing for the Ospreys.
"It's flattering to know that there's interest in me out there but this is my home region and I want to do all I can for the Ospreys, continuing to develop and, hopefully, play well enough to continue being selected for Wales."
The Ospreys rugby general manager Andrew Millward added: "It's excellent to see Rhys becoming the second player to commit his future to playing within Wales for the Ospreys by re-signing a National Dual Contract following on from Dan Biggar earlier this month.
"Rhys is another homegrown player who takes enormous pride in representing his region and, like Dan, has risen in prominence over the last 12 to18 months, meaning their services have been in great demand.
"With them both committing to the Ospreys and Wales this month, we look forward to seeing them continuing alongside each other for region and country for some time yet, which is exactly what NDC's are all about."
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Guinness PRO12 Ospreys News
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