Osman signs one-year Everton extension
The deal will see the 33-year-old, who was honoured with a testimonial in August, remain with his boyhood side until 2016.
Osman is a product of the Everton academy and has gone on to make close to 400 appearances for the club in all competitions, scoring 54 goals.
The twice-capped England international has found his first-team opportunities limited in the Premier League this term, however.
Osman has made just three starts in the top flight, coming off the bench on a further three occasions.
Everton face host Lille in the UEFA Europa League on Thursday.