Edmonton gets a fifth round conditional pick in the 2017 NHL draft in return.
The 26-year-old Larsen is currently with Jokerit Helsinki of the Kontinental Hockey League where he has 12 goals, 26 assists and a plus-9 rating in 54 games.
Larsen has eight goals and 23 assists with a minus-1 rating in 125 NHL games split between Edmonton and the Dallas Stars. He last played in the NHL in 2013-14.
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