The 25-year-old native of Mississauga, Ont., has 59 goals, 103 assists and 170 penalty minutes over 358 career National Hockey League games with the Islanders and Oilers.
Spooner has registered one goal and one assist in 16 games for NY this season.
The former fifth overall pick in the 2011 NHL Entry Draft, Strome struggled to produce in Edmonton after being acquired in June 2017 as part of the Jordan Eberle trade.
In 18 games so far this season, Strome has two points, while Spooner has two points in 16 games. The center registered five goals and 13 assists for 18 points with the Blueshirts.
Spooner was acquired from the Bruins in the trade-deadline deal last season that sent Rick Nash to Boston.
Spooner, 26, was drafted 45th overall in 2010 by the Boston Bruins and will bring speed to the Oilers lineup. That sum makes Spooner's cap hit $3.1 million for the Oilers, the same as. The Rangers also retained $0.9M of Spooner's salary in the trade, which is set to expire at the end of the season.