In return, the rebuilding Oilers got Pittsburgh's first-round pick in the June draft plus forward Rob Klinkhammer.
Perron has another year left on his deal, which carries a $3.812 million cap hit.
He scored a career-high 28 goals in 78 games with the Oilers last season, although he has just five goals this season for the cellar-dwelling Oilers.
The 26-year-old Perron played the first six years of his NHL career with the St. Louis Blues, twice posting 20-plus goal seasons.
"It's a new chapter for me and I get a chance to hopefully go really deep in the playoffs," Perron said.
The 28-year-old Klinkhammer has four goals and two assists in 29 games this season with the Penguins and Phoenix. He made his NHL debut with Chicago in 2010. He has 20 goals and 19 assists in 139 career games.
The Associated Press contributed to this report.