Kane, who will turn 34 in August, has one year and $5.125 million remaining on his current contract. After missing the regular season due to injury, Kane scored six goals in 21 playoff games during Edmonton's run to a second straight Stanley Cup Final.

On Wednesday, the Vancouver Canucks acquired former Vancouver Giants winger Evander Kane from the Edmonton Oilers. Kane, who will turn 34 years old before the start of the season, was acquired using the fourth-round pick Vancouver received in the Vasily Podkolzin trade last year.

Moving out Kane and his entire $5.125 million cap hit is only the first domino to fall in the offseason makeover for Edmonton.