Cracknell, 20, who started every game for Wales at the recent Junior World Championship in New Zealand, has agreed his first pro contract.
Leeds-born Cracknell qualifies for Wales through his grandfather.
"This is awesome for me personally, to have the opportunity to be a part of the Ospreys is unbelievable" said Cracknell.
Cracknell has been part of the Leeds Carnegie Academy and as a teenager he toured South Africa with Leeds Grammar School in 2012.
After that he was invited to spend 2013 with the Border Bulldogs Academy in East London where he played for the Currie Cup outfit's Under-19 team.
On his return to the UK in December he was invited to North Wales to sign for RGC in Colwyn Bay, where he caught the eye in the Swalec Championship.
Just three months later he was called into the Welsh Under-20 squad for the first time making his international debut against Scotland in March.
The Ospreys have agreed new contracts with 16 players and Cracknell is the region's seventh new signing for next season.