- var_dump: documentation ( source)
- preg_match_all: documentation ( source)
<?php
$urls = '<option value="http://foo.bar" selected="selected">value</option>
<option value="http://bar.foo">test</option>';
$matches = array();
preg_match_all('/<option\svalue="([^"]*)">([^>]*)<\/option>/', $urls, $matches);
var_dump($matches);