The free agent netminder spent the past 2½ seasons in Toronto. Campbell, 30, is coming off his first season as a full-time starter after taking over from Frederik Andersen as the Leafs' No. 1 netminder midway through the 2020-21 campaign.
"[Campbell] looks to me from afar like a guy [who's] getting better all the time,'' Oilers general manager Ken Holland said. ``He's competitive. He's comfortable. And I think he's 30 years of age, and from a goaltender standpoint that's a good age. I think with Stu Skinner we'll have a good tandem.''
Campbell went 31-9-6 with a .914 save percentage and 2.64 goals-against average in 2021-22 while battling through injuries and a tough second half following a COVID-19 absence. He was 3-3-1 in the postseason, with an .897 SV% and 3.15 GAA throughout Toronto's first-round loss to Tampa Bay.
The Oilers were searching for a starting goaltender after veteran Mike Smith was reported to be heading toward long-term injured reserve. Campbell had talks with the Leafs about an extension throughout the past year, but Toronto hadn't made Campbell an offer in months. The Leafs traded with Ottawa for Matt Murray last week, all but confirming Campbell would hit the open market.
Campbell is like a few other goaltenders on the unrestricted market this summer -- Ville Husso is another -- who hasn't quite proved that he can carry a team for a full season, especially since he has never reached 50 games played in any of his eight years in the NHL.
"We all love Soup," Toronto star forward Auston Matthews said at the team's end-of-season media availability. "He shows up every game no matter what. He wants to be in there, he wants to compete."
Star forward Evander Kane on Tuesday had already announced his four-year deal to remain with the Oilers at an average annual value of $5.215 million.