Financial details of the agreement announced Saturday are not divulged.
Schmaltz got off to a powerful start with the Coyotes, scoring five goals with two assists in 17 matches, but moved with a season-ending knee accident in December. He recently started skating as a portion 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 joint games this season.
Schmaltz has 3-4 goals and 71 assists in 179 livelihood matches.