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The deal will carry an average annual value of US$3.1 million.
Yamamoto, 23, set career highs in games played (81), goals (20), assists (21) and points (41) last season.
He also notched seven points (two goals, five assists) in 14 playoff games during the Oilers' run to the Western Conference finals.
A former first-round draft choice of Edmonton in 2017, Yamamoto has recorded 40 goals and 53 assists in 186 career games.
This report by The Canadian Press was first published Aug. 3, 2022
The Canadian Press