Campbell, 30, spent last season with the Toronto Maple Leafs, going 31-9-6 in 49 appearances. He had a .914 save percentage and a 2.64 goals against average.
The contract is five years and $5 million per season.
“The fan base is an amazing fan base,” said Campbell. “I’ve played games here. I can’t wait to be wearing the blue and orange.”
“He looks to me from afar like a guy who’s getting better all the time,” said Oilers general manager Ken Holland.
Campbell was drafted 11th overall by Dallas in 2011. He played for the Stars and L.A. Kings before joining the Leafs in February 2020.
The Oilers were in need of a goaltender with Mike Smith coming off an injury-riddled season and Mikko Koskinen having signed in Switzerland.
“I’m not expecting Smitty to play this year. He’s got a lot of health issues,” said Holland.
The Oilers also locked up defenceman Brett Kulak for four years at $2.75-million per season. The Stony Plain native finished the season with the Oilers after coming over in a deadline trade with Montreal. Kulak, 28, had eight points in 18 regular season games. He briefly was on the market before deciding to remain with the Oilers.
“At the end of the day, there were some things on the table, but the balance of the things I was hoping to get, as far as opportunity, a good team, dollar value, Edmonton was the no-brainer for my wife and I to settle there,” said Kulak.
“He came in, did everything we wanted him to,” said Holland. “He’s an easy skater. He’s a good defender. He’s a very good person. He’s in the gym every day. He was very respected in the locker room.”
The Oilers also signed forward Greg McKegg and goaltender Calvin Pickard to two-year, two-way contracts.