Hall played for Canada at the 2016 IIHF World Hockey Championship, winning a second consecutive gold medal. He was Edmonton's representative at the 2016 Honda NHL All-Star Game in Nashville.
"It's unfortunate that it's a player of Taylor's caliber, but we're getting a really good player back," Chiarelli said. "Adam is 6-foot-3 and I think he's 210 pounds now. He's a very smart player and it took him a little while to get going, but he had a terrific year this past year. He moves the puck, he defends well, he can log a lot of minutes, he can play 25, 27, 28 minutes. He can match up against all the top forwards, he can move the puck, and he has more skill to show also.
"It's unfortunate that in these deals this is what you have to do, but this is a player that I watched closely this year and I can see his game trending up and it was time to act on it."
Larsson, 23, was the No. 4 pick in the 2011 NHL Draft. He had three goals and 15 assists in 82 games this season, playing predominantly on New Jersey's top defense pair with Andy Greene. Larsson has nine goals and 64 points in 274 NHL games.
"I'm pretty shocked right now, but I'm pretty excited to come to Edmonton," Larsson told Oilers radio. "This trade was a surprise to me, but at the same time, I know how this business works. I know I'm going to a really young team and they have a couple of Swedes there. I'm excited. It's always shocking to get traded, but seeing the positive side, they have a lot of young players there and I think I'm going to fit in pretty good."