The Penguins have traded Phil Kessel, defense prospect Dane Birks, and a fourth-round pick to the Coyotes for center/left wing Alex Galchenyuk and defense prospect Pierre-Olivier Joseph.
No salary has been retained on either side.
Galchenyuk, 25, played one season with the Coyotes, scoring 19 goals and 22 assists in 72 games. He was drafted by the Canadiens No. 3 overall in 2012.
Galchenyuk has one year remaining on his contract and carries a $4.9 million cap hit. He will be an unrestricted free agent when his contract expires.