I just spoke with Allan Watt, the Oilers VP of Communications, and he confirmed that the Michael Nylander deal has not been signed.
The deal is done when [GM] Kevin Lowe tells me it's done.When asked what the impediments to an agreement were, Watt said, "It could be any number of things," including that Nylander was still listening to offers from other clubs.
Watt was unable to explain Bob Stauffer's (Team 1260) report that an agreement had been reached.
Update (3:02): A second radio station in Edmonton, 630 CHED, is now reporting that Nylander has agreed to 4 years with the Oilers. Salary was not disclosed. Streaming audio of their news/sports reports on the half hour available here. Hear it and weep.
Update (4:42): Nylander is a Cap. What a ride.