The move will allow the club to bring veteran Andrej Sekera back to the big leagues following his conditioning stint in the AHL.
Edmonton traded away forward Drake Caggiula and defenceman Jason Garrison in exchange for Manning and Robin Norell back in December. The 28-year-old Manning posted one goal in 12 games for the Oilers, skating an average of 13:25 minutes per night.
Caggiula, who had seven goals and 11 points at the time of the swap, has posted three goals and six points through 16 games for the Chicago Blackhawks.
Sekera has yet to appear in an NHL game this season after dealing with an Achilles injury.