In 61 games with the Oilers last season, Hall registered 27 goals and 26 assists for 53 points.
Hall, 20, has one-year remaining on his three-year, entry-level deal.
A source close to the situation told TFP that Hall is looking for a similar six-year, $34.35 million contract that Jeff Skinner signed with the Carolina Hurricanes last week.
It's unclear how close the two sides are to a new deal, though it's believed an extension could be ironed out later this month.
Hall was drafted first overall by the Oilers in the 2010 NHL Entry Draft.