Lennstrom will hit the open market after the Oilers opted not to hand him a qualifying offer Monday, Daniel Nugent-Bowman of The Athletic reports.
Lennstrom was assigned to AHL Bakersfield on Saturday, Mark Spector of Sportsnet.ca reports.
Lennstrom was recalled from AHL Bakersfield to the taxi squad Sunday.
Lennstrom will be in camp with the Oilers on Sunday, Dustin Nielson of TSN 1260 reports.
The Oilers have loaned Lennstrom to Frolunda HC of the SHL for the 2020-21 campaign, Mark Spector of Sportsnet.ca reports.
Lennstrom signed a one-year, entry-level contract with the Oilers on Wednesday.