Don Waddell, Carolina’s President and General Manager, announced the move Wednesday morning.
Foegele, the 25-year-old left winger, has barely reached the 10-goal plateau in the previous three seasons despite playing more than 50 games in all three.
The swap for Bear, 24, brings in depth to the Hurricanes blueline.
Bear registered eight points (2 goals, 6 assists) in limited action across 43 games for the Oilers during the 2020-21 season.
Originally drafted in the fifth-round of the 2015 NFL Draft, Bear has represented Canada internationally at the 2015 IIHF World Under-18 Championships (2015) where he and his team won bronze.
He also posted 192 points (66 goals, 126 assists) in the Western Hockey league with Seattle from 2013-17 and 49 points (12 goals, 37 assists) in the American Hockey League with Bakersfield from 2017-19.
“Ethan is a young, right-shot defenseman with offensive upside,” Waddell said. “We’re excited to add him to our team as he continues to grow as an NHL player.”