"I'm thankful for the collaboration between the WRU and Ospreys which will look after my best interests and enables me to play the best rugby possible," Jones said in a WRU statement on Friday.
"... having the opportunity to sign a new NDC at this point helps with the quality and quantity of the rugby that I play and hopefully will prolong my playing opportunities."
Under a NDC, the WRU pays 60 percent of the player's wages with the region funding the rest.
Jones, who has completed three tours with the British and Irish Lions, signed his first NDC in March 2015 and re-signed in 2016.
"Alun Wyn committing his future to the game here in Wales is another huge boost for Welsh rugby," WRU group chief executive Martyn Phillips said.
"He is renowned and respected as a player and leader and his commitment to the Ospreys and to Wales is hugely significant and it is fantastic that another world-class player will remain in Wales.
"This announcement will also help drive our long-term focus on retaining young Welsh talent as young players will learn and benefit from Alun Wyn's experience within our environment and that will help shape the next generation of Wales' players."
Jones will lead Wales in their final Six Nations match against France on Saturday, with Warren Gatland's side aiming to finish second in the standings.
(Reporting by Aditi Prakash in Bengaluru; Editing by Toby Davis)
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