The native of Pardubice, Czech Republic, can become an unrestricted free agent July 1 and the Oilers are likely to trade him before the March 5 deadline.
Several teams have inquired about Hemsky's services, including the Detroit Red Wings, Toronto Maple Leafs and Columbus Blue Jackets.
A number of Oilers representatives took in Tuesday night's Blue Jackets' 5-3 win over the Los Angeles Kings at Nationwide Arena, adding fuel to the rumor mill fire that the two teams are involved in trade discussions.
The Blue Jackets, who are also looking to clear some salary cap space, are in the market for a top-six forward and could benefit from having Hemsky's two-way play in their lineup.
It's unclear what the asking price for Hemsky may be, but he isn't the Oiler the team is shopping.
Forwards Sam Gagner and Ryan Smyth, and defenseman Nick Schultz, are also on the trade block.