The 19-year-old from St. Albert, Alta., was selected in the third round by the Oilers in the 2011 NHL draft and played five seasons with Edmonton's Western Hockey League team the Oil Kings.
Over those five seasons, Ewanyk played in 185 games and had 26 goals and 59 points.
He helped the Oil Kings to the 2012 WHL Championship and Edmonton's first Memorial Cup appearance. Ewanyk also represented Canada at the 2011 under-18 world championship.
The contract was announced Friday.