The 25-year-old native of Milford, Conn., has 18 points in 41 games this season.
The five-foot-eight 166-pound centre also has 28 points (10-18) in 15 games with AHL Oklahoma City. Arcobello is the Barons' all-time leader in goals (60), assists (101), points (161) and playoff points (35).
Also Monday, the Oilers recalled forward Will Acton from the Barons on an emergency recall basis. He has three points (2-1) in 23 games with Edmonton this season.