Smyth has spent 13 of his 17 NHL seasons with Edmonton, and will play one final game for the franchise Saturday night when the Oilers host the Vancouver Canucks on Hockey Night in Canada (10 p.m. ET).
Smyth is scheduled to be interviewed on the After Hours segment following the game.
The 38-year-old left wing has amassed 376 goals and 443 assists in 1,198 career regular-season games, with 932 penalty minutes.
Smyth has become known as Captain Canada after representing his country at the world juniors, eight times at the world championships, and twice at the Olympics. He was part of Canada's 2002 gold-medal team at Salt Lake City.
The Banff, Alta., native was selected sixth overall by the Oilers in 1994. After a tentative rookie season in 1995-96, he emerged as a force in his sophomore campaign, with a career-high 39 goals.
He had seven goals and nine assists in 24 playoff games during Edmonton's run to Game 7 of the Stanley Cup final in 2006.
But the following year the Oilers plummeted in the standings, and Smyth bid a teary farewell as the organization decided to rebuild. Smyth was sent to the playoff-bound New York Islanders for draft picks and prospects, but the deal never really worked out for either side.
Smyth moved on for stops in Colorado and Los Angeles, returning to the Oilers in a June 2011 trade with the Kings.
The news conference Friday will take place at 4 p.m. ET.