Edmonton receives a third-round pick in this year's draft and will retain 50 percent of the defenseman's salary.
The Penguins have landed Justin Schultz.
The defenseman, who had fallen out of favor in Edmonton, was acquired by Pittsburgh in exchange for a third-round draft pick in 2016.
Schultz is on a one-year, $3.9 million contract. As part of the deal, the Oilers will retain 50 percent of his salary.
The 25-year-old was third among Oiler defensemen with 10 points in 45 games this season and was fourth in average ice time per game (20:07).
Schultz is not expected to join the Penguins until Wednesday or Thursday due to immigration.
Originally a 2008 second-round pick of the Anaheim Ducks, Schultz has appeared in 248 games with Edmonton over parts of four seasons scoring 28 goals and 101 points while registering a minus-78 rating.
Per GeneralFanager, the Oilers now have nine draft picks for June’s draft.