As per TSN.ca, Lecavalier has agreed to a 9-year, 77-million dollar contract that will be announced on July 1st, taking him to the age of 37. In addition to the dollars, Lecavalier received a no-movement clause, thus preventing him from being dumped in the minors (no, the Lightning don't count as an AHL team) if he suffers a sudden decline at the age of 34.
I'm not a fan of lifetime contracts, but this is certainly better than other long-term deals in that Lecavalier has an established level of ability that puts him in the upper echelon of NHL players. He isn't Mike Richards, a player who, while certainly talented, is being paid at least partially for potential. He isn't Alexei Yashin; he's played through adversity, and rather than complaining after a falling out with John Tortorella, played on.
Any application to the Oilers? Not really. We don't have a forward even close to Lecavalier's established level of ability.