The 25-year-old forward, who was a restricted free agent, was acquired in a trade with the Carolina Hurricanes on July 28 for defenseman Ethan Bear.
"At the end of the year, [the Hurricanes and I] had some honest conversations with each other, and you never know what's going to happen next, but what I do know is that I'm extremely thrilled to be with the Oilers," Foegele said when he was traded.
Foegele scored 20 points (10 goals, 10 assists) in 53 regular-season games and two points (one goal, one assist) in 10 Stanley Cup Playoff games last season.
"He comes from a really good program," Oilers general manager Ken Holland said. "In Carolina, they've done a lot of winning the last two or three years; they've been a good regular-season team, they went to the final four a couple of years ago. He's a big, strong guy (6-foot-2, 198 pounds), he can skate, he goes to the blue paint, he's dependable."
Selected by Carolina in the third round (No. 67) of the 2014 NHL Draft, Foegele has scored 68 points (35 goals, 33 assists) in 200 NHL games and 12 points (seven goals, five assists) in 33 playoff games.
Foegele said he trains with several Oilers in the offseason, including forwards Connor McDavid, Zach Hyman and Devin Shore, and defenseman Darnell Nurse.
"It's definitely exciting to have some familiar faces to be with once I get down to Edmonton," Foegele said.
