The slick forward is passing up his final two seasons with the University of Michigan Wolverines to pursue his professional career.
"We are extremely pleased with Andrew's decision to turn pro and we feel he's ready to move up to the next level," said Oilers general manger Kevin Lowe. "Our scouting staff has watched Andrew closely since we drafted him two years ago and we believe he has the ability to become a great player."
Cogliano, taken 25th overall, recorded career-highs in goals (24), assists (26) and points (50) in 38 games with the Wolverines in 2006-07.
The five-foot-10, 185-pound native of Woodbridge, Ont., also won a pair of gold medals with Canada at the world junior championship in 2006 and 2007.