The Oilers claimed the 35-year-old centre off waivers Tuesday from the Philadelphia Flyers. It was the third time this season Nedved had been placed on waivers. Nedved played for the Oilers at the end of the 2003-04 season and made a good impression with the team.
"We liked the way he played for us last time he was here," Oilers GM Kevin Lowe told The Canadian Press. "We're adding some depth up the middle. He was a good fit last time and we think he can help us out again."
Because Nedved was claimed off re-entry waivers, the Oilers are only on the hook for half of his US$2.356-million salary. Nedved will become an unrestricted free agent on July 1.
During an NHL career that started in 1990 with Vancouver, Nedved has scored 309 goals and 712 points in 963 games.
He played 21 games with the struggling Flyers this season and scored just one goal while being minus-20, the second-worst plus-minus rating in the league.
To make room on the roster for Nedved, the Oilers assigned winger Patrick Thoresen to the AHL's Wilkes-Barre/Scranton Penguins.