Terms of the deal are unknown at this point.
Archibald, 26, spent last season with the Arizona Coyotes, putting up 12 goals and 10 assists across 68 contests while averaging 13:34 of ice time per game. He was selected by the Pittsburgh Penguins in the sixth round of the 2011 draft.
He'll now serve as another depth forward for the Oilers, who've had a quiet summer under new general manager Ken Holland.
Edmonton had slightly less than $4 million in available cap space before inking Archibald, while restricted free agent Jesse Puljujarvi is still unsigned.