The 30-year-old defenseman had spent the previous three seasons playing in the Kontinental Hockey League before signing a one-year contract with the Oilers in July.
A first-round pick (No. 18) of the Los Angeles Kings in the 2002 NHL Draft, Grebeshkov started the season on injured reserve before going to Oklahoma City for a conditioning stint. He had no points and a minus-1 rating in three AHL games.
The Russian defenseman has not played in the NHL since the 2009-10 season, but could be a welcome addition to a team that has allowed a League-worst 4.38 goals per game entering Friday.