Financial details of the deal announced Saturday are not divulged.
Schmaltz got off to a solid beginning with the Coyotes, scoring five goals with eight assists in 17 matches, but went with a season-ending knee accident in December. He recently started skating as part of his rehab.
Schmaltz had career highs of 21 goals and 31 assists in 78 games with the Blackhawks this season. He had seven goals and 18 assists in 40 combined games this season.
Schmaltz has 34 goals and 71 assists in 179 career matches.