The Wild announced the trade on Tuesday, one day before the NHL deadline for dealing.
The 33-year-old Russian has a 5-8-5 record in 20 games for the Oilers this season with a 3.01 goals-against average. His save percentage is .913. Bryzgalov has 38 games of playoff experience over five postseasons with Anaheim, Phoenix and Philadelphia.
The pick sent to Edmonton was originally acquired last year from Buffalo in the trade that brought Jason Pominville to Minnesota.
I first met him when I was 19 years old and he coached me for 13 consecutive years. I don't know how many athletes who have had that pleasure. Al Arbour was a man that left us not only feeling like champions, but left us with a lot of great memories that we can carry on through life.
— Islanders Hall of Fame defenseman Denis Potvin on former coach Al Arbour, who passed away Friday at the age of 82