The 33-year-old defenseman could have become an unrestricted free agent after this season.
"I signed this deal to be an Edmonton Oiler and I'm proud of it," Russell told the Edmonton Journal. "I just want to be trusted to play regular minutes, whatever role, and be on a winning team."
Russell had nine assists in 55 games last season, his fourth with the Oilers, and missed 14 games with a neck injury. He did not score a point in the Stanley Cup Qualifiers, when Edmonton lost the best-of-5 series to the Chicago Blackhawks in four games.
"The Oilers have some good young guys coming up and that's good for the organization," Russell said. "But every year I've been in the League I come to camp to play, and if that's first pairing or last pairing or vying for the seventh spot, I'm trying to be the best I can be."
Russell has scored 236 points (46 goals, 190 assists) in 846 regular-season games over 13 seasons with the Oilers, Dallas Stars, Calgary Flames, St. Louis Blues and Columbus Blue Jackets. He has scored 20 points (three goals, 17 assists) in 53 postseason games.
