The deal, which will begin in 2018-19, will carry an average annual value of $12.5 million -- topping the annual salary of $10.5 million.
The deal, which will begin in 2018-19, will carry an average annual value of $12.5 million -- topping the annual salary of $10.5 million received by Chicago Blackhawks stars Patrick Kane and Jonathan Toews.
"I'm so excited to wear the Oilers jersey for the next nine years," said McDavid, who has one year remaining on his three-year, entry level contract. "I'm in it for the long haul. I want to win here."
McDavid's stellar 2016-17 campaign saw him win the Art Ross Trophy as the league's leading scorer as well as the Hart Trophy and the Ted Lindsay Award as the league's most outstanding player in the regular season as judged by the members of the NHL Players Association.
The 20-year-old center led the league in assists (70) and points (100) during the regular season. His 27 power-play points, six game-winning goals and 21:07 average ice time led the Oilers.
McDavid added five goals and four assists in 13 playoff games as upstarts Edmonton reached the second round before falling to the Anaheim Ducks.
Canada's McDavid has collected 46 goals, 102 assists and 44 penalty minutes in 127 career contests since being selected by Edmonton with the first overall pick of the 2015 NHL draft.