The Mighty Ducks declined their option on the 41-year-old Oates' contract, again making him a free agent. He remained unsigned six weeks into the 2003–04 season, until he agreed to a one-year contract with the Edmonton Oilers on November 17, 2003. He appeared in 60 games in Edmonton, scoring 2 goals and 16 assists. The Oilers were eliminated from playoff contention in their final game of the season with a 5–2 loss to the Vancouver Canucks on April 4, 2004. Oates announced his retirement as a player immediately after the game.