The Oilers have struggled to keep the puck out of the net this season. Their 74 goals against are the most in the NHL.
Starting goaltender Ben Scrivens has struggled this year with a record of 4-9-1, a 3.35 goals-against average and .887 save percentage.
Backup Viktor Fasth has similar numbers with a 2-4-1 record, a 3.37 GAA and .890 save percentage.
Chabot joined the Oilers organization since 2009.
As a player, he appeared in 32 NHL games with Montreal, Philadelphia and Los Angeles.
Dustin Schwartz, a former goaltending coach of the Western Hockey League's Edmonton Oil Kings, will replace Chabot.