Arnott was the No. 7 overall pick of the Oilers in 1993 and recorded the first 239 points of his career with Edmonton. He finished with 938 points (417 goals and 521 assists) after spending time with the New Jersey Devils, Dallas Stars, Nashville Predators, Washington Capitals and St. Louis Blues.
Arnott had not played since the end of the 2011-'12 season.
"I am very proud and appreciative of the fact I was able to play at the highest level for 19 years, with the best players in the world,” Arnott said in the NHLPA release announcing his retirement. "Each of the teams I played for provided me with great experiences and memories, and our Stanley Cup team in New Jersey certainly stands out among all of them."
The Collingwood, Ont., native won the only Stanley Cup of his career with the Devils in 2000.
Arnott also played for the gold-medal winning Canadian team at the 1994 world hockey championship.