The centre has signed a five-year deal with the Oilers, the team announced on Sunday. The contract holds an average annual value of $4 million.
Dickinson had seven goals and 10 assists in 64 games last season, marking his second straight campaign in which he failed to reach 20 points.
The 30-year-old began the season with the Chicago Blackhawks, but was traded to the Oilers halfway through the year alongside Colton Dach for Andrew Mangiapane and a conditional first-round pick.
Dickinson managed just four points (one goal, three assists) with the Oilers after the trade, but did register two goals and an assist in four playoff games.
The 2013 first-round pick has 172 points (75 goals, 97 assists) in 566 career games.