The contract will come into effect as of the 2025-26 season and gives Draisaitl an annual salary of around 145 million kronor.
"This is a historic day for Edmonton Oilers. The value of Leon continuing to be loyal to our team, our city, and Oilers supporters cannot be overstated. His willingness to help bring the Stanley Cup to Edmonton is central to everything he does both on and off the ice", says Edmonton's general manager Stan Bowman in a statement.
Together with another star player, Canadian Connor McDavid, Draisaitl has formed one of the league's most feared attacking constellations in recent years. Last season, they almost went all the way to the Stanley Cup title, but Edmonton lost the final to Florida after seven matches.
Draisaitl made his NHL debut for Edmonton in 2015 and has since scored 850 points in 719 regular season matches. In playoff contexts, he has been even more effective, with 108 points in 74 matches.
