"I love playing there," Russell said. "The guys in the room are great, and I'm excited to get [the deal] done. It's a place I want to be."
Russell, 30, has played for three teams in the past two seasons. The Dallas Stars acquired him from the Calgary Flames for the playoff push in 2015-16, and then he signed a one-year, $3.1 million deal with Edmonton last offseason.
He scored one goal, added 12 assists and was a plus-5 for the Oilers.