Taylor Hall is in for the long haul in Edmonton.

The Oilers signed the forward to a $42-million, seven-year contract extension Wednesday and the Calgary native said he had no hesitation about the length of the deal.

''When they said seven years I didn't blink,'' the 20-year-old Hall said. ''I'm comfortable being here for that long. I think by that time ... I hope we're a perennial threat. That's my main goal and my mindset when I signed the deal.''

Hall was the Oilers' first overall pick in 2010 and has since become a key fixture on the team's youthful top line alongside fellow first overall pick Ryan Nugent-Hopkins and Jordan Eberle.

The deal makes Hall the highest paid player on the Oilers in average salary at $6 million per year. Veteran center Shawn Horcoff, who signed a six-year, $33-million deal in 2008, will make $6 million next season but averages a lower cap hit at $5.5 million.

Eberle is also in negotiations for an extension and likely looking for similar money to Hall. Eberle made his rookie debut the same year as Hall and is coming off a breakout season with a team-high 34 goals and 76 points.

''We've had some good dialogues throughout this whole thing and I think his should be pretty soon,'' Hall said of his linemate. ''He's along the same path; he wants to be here and so do I.''

The Oilers have been in rebuilding mode for several years now. Last season, they finished 29th in the NHL at 32-40-10.

Hall finished second behind Eberle in scoring with 27 goals and 26 assists in 61 games. His season was cut short due to a shoulder injury, but he says he's four and half months into a six-month recovery and feeling close to being game-ready.

''It's good, I'm really positive about it,'' said Hall. ''I'm not going to say I'm perfect on Day 1 but it feels really good now and I'm excited about the process of being healthy.''