Terms of the deal were not disclosed, but it believed to be worth $4.3 million plus incentives, the same amount the star center made last season.
"This is obviously one of the most important signings of the summer," general manager Kevin Lowe said.
"Dougie is our captain, he's the team leader both on and off the ice, and he is clearly our go-to guy. We're very happy to get the contract settled before the players take to the ice."
Weight, 29, has led the Oilers in scoring six of the last seven seasons. He had 21 goals and 51 assists last season for a team-high 72 points.
©2000 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed