The 23-year-old was acquired from Philadelphia earlier this summer in a trade that saw Jason Smith and Joffrey Lupul go to the Flyers. "We are very pleased to announce this signing, as Joni is a player who will strengthen our hockey club in many different ways," said Oilers GM Kevin Lowe. "He's proven himself as one of the league's top defencemen and we'll look for him to continue his solid play this season."
Pitkanen had been scheduled for a salary arbitration hearing after the Flyers requested one - something teams can now do under the collective bargaining agreement.
He had a second consecutive 40-point plus season while earning $2 million last year. Pitkanen finished with 43 points (four goals, 39 assists) in 77 games.
In 206 career games, Pitkanen has 116 points (25-91-116) and 210 penalty minutes.