Now 28, Gustafson has made 149 appearances for the Dragons - including four in the GUINNESS PRO12 this season - putting him seventh on their all-time list.
He can play at prop as well as hooker and claims the pressure of expectation on all players at Ospreys is a challenge he is relishing.
"I'm excited and nervous at the same time. I've been at the Dragons since I was 19 so it's a new challenge for me," said Gustafson.
"Going into an environment where there is the same pressure and expectation on you if you are a British Lion, a 100-cap regional player, or one of the young players doing so well week-to-week at the moment is nerve-wracking but it's a great opportunity.
"It's a challenging environment where you have to want to be at your best in everything you do, every day.
"I've got a job to do with the Dragons between now and the end of the season and I'll give that my absolute best as always but I'm looking forward to meeting up with the Ospreys squad at Llandarcy for pre-season."
Gustafson is renowned for his dynamic and mobile play around the field and captained Wales Under-20s back in 2007.
And Ospreys general manager Andrew Millward is excited to bring someone with such experience of the GUINNESS PRO12 on board.
"Hugh is an experienced player who will add depth to our front-row options," explained Millward.
"Although he's played a lot of rugby, he is excited about coming into our environment and he'll be a really good addition to the squad.
"He's an impressive character with a good attitude and a desire to learn and I think within the Ospreys system he'll thrive as a player and a person.
"He's older than our other hookers so will have something of a leadership role within the squad. We are bringing in a well-rounded professional who understands what we want from him, on and off the pitch."
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Guinness PRO12 Ospreys News
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