The 23-year-old was a restricted free agent and the last returning player to sign with Edmonton.
"I'm excited, we were close for a while there, so I think there wasn't too much pressure after that," Bouchard said. "Once we got pretty close, I was really excited and I'm happy it's done now. Two years, I think it's a good steppingstone, a good bridge [contract]. I feel like in the next two years, the Oilers are going to be a force out there and it's good to be a part of that."
Bouchard had 40 points (eight goals, 32 assists) in 82 regular-season games last season and 17 points (four goals, 13 assists) in 12 Stanley Cup Playoff games, leading defensemen in postseason scoring. Edmonton was eliminated in the Western Conference Second Round in six games by the eventual Stanley Cup Champion Vegas Golden Knights.
"I think it's going to be a good year for the Oilers," Bouchard said. "I think to come back early (Sept. 5 for informal skates) it's going to be good for the team, it'll be good to get everyone together. I think we're going to get camp going early to help us out in the long run."
Bouchard was selected by Edmonton with the No. 10 pick in the 2018 NHL Draft. He has 89 points (23 goals, 66 assists) in 184 regular-season games and 26 points (seven goals, 19 assists) in 28 playoff games.
The Oakville, Ontario native took over the point on the Oilers power play after Tyson Barrie was traded to the Nashville Predators on Feb. 28 in a deal for veteran defenseman Mattias Ekholm, 33. Bouchard had 15 points (four goals, 11 assists) on the power play last season.
VGK@EDM, Gm4: Bouchard wires in a one-timer for PPG
Edmonton's power play, also featuring forwards Connor McDavid, Leon Draisaitl, Ryan Nugent-Hopkins and Zach Hyman on the first unit, was the best in NHL history last season, converting at 32.4 percent before increasing to 46.2 percent in the playoffs.
"I'm excited to get to play (on the power play) with those guys, they kind of make it easy," Bouchard said. "It's kind of pick your poison, who you want to have the puck. So, when you get to give them the puck in space, they are able to make something happen out of nothing."
Bouchard also has been durable, having missed one game through the past two seasons. Entering his fourth season with the Oilers, he is expected to play a top-four role on defense, likely partnered with Ekholm.
"He was very good to me, very good for me and I think having him here for a full year will be big for everyone else as well, not just myself," Bouchard said. "When someone is that big a part of the team and we get to have him for a full year rather than just half the year, it's going to help us grow."