Terms of the deal were not disclosed.
Fenton, 42, was hired by the Predators in June 1998 after spending five seasons as a scout for the Mighty Ducks of Anaheim.
"Paul Fenton has been involved in nearly every transaction the Predators oganization has ever made," Poile said. "The strength of his work is apparent in the number of players that have gone from 'prospects' to 'Predators' in our first four seasons."
Fenton spent eight years in the NHL with the Hartford Whalers, New York Rangers, Los Angeles Kings, Winnipeg Jets, Toronto Maple Leafs, Calgary Flames and San Jose Sharks before joining the scouting ranks.