TSN reports the contract will pay the 22-year-old Klefbom an average of more than $4 million annually as the Oilers commit to their former first-round pick long term.
Klefbom, a native of Karlstad, Sweden, was selected by the Oilers with the 19th pick of the 2011 draft. He recorded two goals and 18 assists in 60 games last season.
Klefbom competed internationally for Sweden at the senior level at the World Championships in May, with a goal and three assists in eight games.
- Jeremy Woo