It was not immediately clear whether Draisaitl would return to the Prince Albert Raiders of the Western Hockey League or be traded before reporting.
Draisaitl, the third pick in last year's draft, was a healthy scratch Friday night at the Avalanche in what coach Todd Nelson called a "management decision."
The 19-year-old had two goals, seven assists and a minus-17 rating in 37 games as a rookie.
By sending Draisaitl back before he played his 40th game, the Oilers keep him from accruing a year toward free agency.
Edmonton already burned the first year of his entry-level contract by keeping him around for more than nine games.