It's a trade that gives the Oilers a bit more wiggle room under the salary cap, as they gain a pro-rated $3.4 million in cap space for the rest of the season, according to Sportsnet's Chris Johnston.
That'll allow them to activate defenseman Andrej Sekera off injured reserve when they're ready to do so.
As part of his modified no-trade clause, Talbot had a 10-team list outlining the clubs he'd be willing to accept a trade to, according to The Athletic's Pierre LeBrun. The Flyers were not on the list, meaning Talbot had to waive his no-trade clause for the deal to materialize, LeBrun added.
Once Talbot plays for the Flyers, they'll set an NHL record by using eight goaltenders in a single campaign, according to Sportsnet's Elliotte Friedman.
Talbot, 31, spent four seasons with the Oilers, who acquired him from the New York Rangers at the 2015 draft. He's a pending unrestricted free agent carrying a cap hit of about $4.17 million.
Stolarz, 25, played 19 games with the Flyers over the last three years. He's a pending restricted free agent with a $761,250 cap hit.