The deal was contingent upon the completion of the trade with the Calgary Flames that cleared defenseman Ladislav Smid's $3.5 million cap hit off the books earlier Friday. The Oilers also sent goalie prospect Olivier Roy to Calgary, in exchange for center Roman Horak and goalie prospect Laurent Brossoit.
Edmonton had been scouring the NHL trade market for a month looking for a goalie, with starter Devan Dubnyk struggling this season. The Oilers also have been looking for help on the blue line.
The Philadelphia Flyers bought out of the final seven years of Bryzgalov's $51 million, nine-year contract during the offseason, and the 33-year-old Russian goalie attended training camp with the ECHL's Las Vegas Wranglers on a tryout.
Bryzgalov was 19-17-3 with a 2.79 goals-against average last season for the Flyers. In 425 games in 12 NHL seasons with Anaheim, Phoenix and Philadelphia, he is 208-149-45 with a 2.55 GAA, a .913 save percentage and 30 shutouts.
Smid, from the Czech Republic, had a goal and an assist in 17 games this season for the Oilers. He has 11 goals and 54 assists in 474 NHL games, all with the Oilers.
Horak, also from the Czech Republic, was scoreless in one game this season for Calgary. He has five goals and 13 assists in 82 NHL games, all with the Flames.
The Oilers are 4-11-2.
Information from The Associated Press was used in this report.