The Predators announced the trade Monday.
Nashville waived Roy on Sunday and announced the forward cleared waivers earlier Monday and was being sent to Milwaukee in the AHL. Now Roy, 31, is headed to join the Oilers after scoring 10 points in 26 games with Nashville.
Arcobello, 26, has scored 12 points in 36 games for Edmonton this season, and he has 30 points in 78 NHL games. The 5-foot-9, 165-pound forward was an undrafted free agent signee by Edmonton out of Yale.