The move comes a little over a week after the Oilers signed forward Taylor Hall, Eberle's roommate, to a seven-year, $42 million extension.
The 22-year-old Eberle, a 2008 first-round draft pick, still has a year to go on his entry-level contract. He had 34 goals and 42 assists in 78 games last season.
"Obviously me and Taylor want to be a part of this team for a while," Eberle said. "That's why we signed this way. I think it signifies the young core of the group wanted to be here.
"We see the direction the team is going and that's in a forward direction. I think this year is definitely going to be a big year for us as far as developing our name as a team. Our success in the past couple of years hasn't been nearly where we want it to be and next year is going to be a huge stepping stone for us."