Smyth, nicknamed "Captain Canada," rejoined the Oilers last summer after spending parts of five seasons with the Kings, Avalanche and Islanders.
The 6-foot-2, 192-pound left wing scored 19 goals to go along with 27 assists while playing all 82 games in 2011-12.
Smyth, 36, has spent parts of 13 seasons with the Oilers franchise after being drafted with the No. 6 overall pick by Edmonton in 1994.
In 1,151 career games, Smyth has 374 goals and 806 points.
Information from ESPN.com's Pierre LeBrun and The Associated Press contributed to this report.