Gretzky returns to his previous role after being promoted to interim GM following the firing of Peter Chiarelli in January. Gretzky was a candidate for the GM job, which ultimately went to Holland in May.
The younger brother of Wayne Gretzky will also serve as GM of the club's AHL affiliate, the Bakersfield Condors.
He was hired by the Oilers as assistant general manager in the summer of 2016.
Prior to joining Edmonton's front office, Gretzky worked in the scouting department of several NHL clubs beginning in 2001.