The Edmonton Oilers have agreed to a three-year contract extension with centre Sam Gagner.

The contract reportedly pays the 23-year-old about $4.8 million US a season.

Gagner and the Oilers were set for an arbitration hearing Monday morning.

"We met this morning and were able to come to an agreement," said Gagner. "I'm pretty happy I can just focus on getting ready for the season now."

Gagner also has a no-trade, no-move clause for the second year of the deal.

"Sam's a guy that is continuing to develop as a player," Oilers GM Craig MacTavish said. "He's a guy that works to improve as a player."