The contract carries an average annual value of $798,000.
McLeod is entering his second full season with the Oilers. The 23-year-old recorded nine goals and 12 assists for 21 points in 71 games last season.
McLeod played in all 16 of Edmonton's playoff games, tallying three goals and an assist.
The Oilers selected the Mississauga, Ont. native in the second round (40th overall) in the 2018 NHL Entry Draft.
This report by The Canadian Press was first published Sept. 22, 2022.
The Canadian Press