The trade saw the Arizona Coyotes send forwards Laurent Dauphin and Adam Helewka to Nashville, freeing up a contract slot for the Coyotes.
The maximum number of contracts allowed in the NHL is currently 50, with the Coyotes reaching that point this season.
With the Emil Pettersson trade, the Coyotes now have a bit more freedom if they decide to make more moves ahead of the trade deadline, something that could become a reality no matter where the team sits in the standings.
The trade also represents the second time the Arizona Coyotes have parted ways with Dauphin, who was second round (39th overall) selection by the team in the 2013 draft.