Hall's deal includes the maximum base salary of $900,000 per season and bonuses that max out at $3.75 million annually.
"Now, it's time to work," Hall said. "All the excitement is over. I'm excited to get started tomorrow. I know this signing is only the first step. I've got a lot of work to do in that camp."
When the four-day development camp opens, Hall will be lacing his skates alongside 2009 first-rounder Magnus Paajarvi-Svensson, taken 10th overall, and 2008 first-rounder Jordan Eberle, selected 22nd.
"It's so comfortable and so exciting," Oilers general manager Steve Tambellini said. "It was important, I think, the quicker we could take care of business and get the distractions away from him and allow him to get back to Kingston and get training and just focus on getting ready for an NHL camp.
"(Having) him here, with these young players he's going to grow with, the people of Edmonton will see lot of these players at this development camp the next few days. They're going to see them over the next few years."