Phoenix has traded centre Steve Reinprecht to the Florida Panthers in exchange for Stefan Meyer.
The Coyotes have also signed forward Petr Prucha to a two-year deal.
Reinprecht, meanwhile, has signed a three-year deal with the Panthers.
Reinprecht's three-year deal has a cap hit of $2.050 million. He will get $1.8 million in the first year and $2.175 million in each of the following two years.