The 23 year-old winger, who passed through all levels of Swansea Schools, Swansea RFC and Wales age group rugby, left for Cardiff in 2003, signing a two-year contract. However, having been given limited first-team opportunities, as well as being laid low by injuries, the young star has been eager to return to his home region.
Ospreys' Rugby Manager, Derwyn Jones, says: "Johnny is one of Welsh rugby's hottest prospects and his skills are perfectly suited to the type of open and exciting rugby we play at The Ospreys. When you consider how his former teammates Jonathan Thomas and Richie Pugh have progressed with us in the last few years, it's the perfect place for him to fulfil his potential."
Ospreys' joint-MD, Mike Cuddy, adds: "Signing a player such as Johnny is great news for the region and demonstrates our commitment to developing young Welsh talent. We're extremely excited about working with him as he's a quality player with the potential to become an Ospreys regular and a full Welsh international.
"Furthermore, his arrival also raises the competition for places to new levels which is vital if we want to continue developing a squad of players to challenge the very best in Europe."
Vaughton said: "The Ospreys are quickly becoming one of the most feared sides in Europe and trying to break into a team packed with so many international stars will be a massive challenge. Nevertheless, I'm confident that I have the ability to succeed and can't wait to start working with the coaches and the rest of the team."
WRU TV were on hand at the launch of a major new commercial deal with WRU and Mercedes-Benz South Wales (part of the Sinclair Group), which sees the family company become an official supplier to the Welsh Rugby Union
On the back of the recent Women's Rugby World Cup, the WRU has launched a revitalised Women's and Girls domestic seasonal structure, and the future is looking bright.
Go to www.wru.co.uk/tryourgame for more information
Roger Lewis talks to WRU TV at the announcement of a new £60 million Rugby Services Agreement (RSA) which provides a new and positive contractual relationship between the WRU and its four Regions for the next six years has been agreed.
The Welsh Rugby Union has announced a major new sponsorship deal with Gullivers Sports Travel which will make the UK's leading, and longest established, multi-sport tour operator, an Official Supplier for the rest of the decade.
Having taken part in seven World Cups as a player and coach, Liza Burgess hopes to go out in style this afternoon when Wales take on Australia in the Play-off for seventh and eighth place in the Women's Rugby World Cup in Paris.
WRU Head of Rugby Josh Lewsey met with volunteers across the game earlier this week, championing their role in the sport. He was joined by Wales captain Sam Warburton for part of the day as volunteers took part in a 'Try Out' event for the 2015 Rugby World Cup