Acton spent this past season in the Columbus Blue Jackets organization, where he served as an assistant coach.
Before joining Columbus in 2012, he served as an assistant coach for 10 seasons with the Toronto Maple Leafs, where he worked with current Oilers head coach Dallas Eakins from 2006-2008.
He has also spent time as an assistant coach with the New York Rangers and Philadelphia.
As a player, Acton registered 584 points (226 goals, 358 assists) and 1,172 penalty minutes in 1,023 career NHL games with, Montreal, Minnesota, Edmonton, Philadelphia, Washington and the New York Islanders.
The 55-year-old native of Stouffville, Ont., will join Kelly Buchberger, Steve Smith and Frederic Chabot on Eakins' staff.