In a seven-player deal that also included two draft picks, the Blackhawks received forward Marcus Kruger who was with Chicago from 2010 to 2017 and won two Stanley Cups.
The Blackhawks also sent young winger Vinnie Hinostroza and defenseman Jordan Oesterle to the Coyotes and received prospects MacKenzie Entwistle and Jordan Maletta and AHL player Andrew Campbell. Chicago sends a third-round pick in the 2019 draft and gets a fifth-round selection in the same draft.
Hossa's contract has a $5.275 million cap hit for the next three seasons, but the 39-year-old didn't play last season and has said he is likely done in the NHL due to a skin condition.
The Blackhawks asked Hossa if he was comfortable with the trade after he helped lead the franchise to three Stanley Cup titles.
"Today is another example of the leadership Marian has displayed as a member of the Chicago Blackhawks organization," the team said in a statement. "When we approached him to discuss the idea of him waiving his no move clause to allow us to make this move, it became clear this was a difficult thing for him to consider.
"After the success he has had in a Blackhawks jersey, the friends he has made throughout the organization and the fact his heart will always be in Chicago, the thought of disassociating in any way from the team he has come to love was not something he really wanted to give any thought to at all. But, as the consummate team player, he did what he has always done. He did what the team needed him to do in order to succeed."
The statement went on to say that "Marian's long-term contributions to the club will never be forgotten. ... . On behalf of the entire organization, we would like to thank Marian -- a world-class player -- for all he has done for the Chicago Blackhawks."
Ever since winning the Stanley Cup in 2010, the Blackhawks have struggled to stay under the salary cap. According to Cap Friendly, Chicago saves $4.65 million in cap space with this trade and has about $8.5 million in space going forward.
Hinostroza, 24, grew up in a Chicago suburb. He had a career high 25 points in 50 games last season and looks to be the major addition for Arizona.
"Vinnie is a dynamic, right-shot forward with high-end skill," Coyotes general manager John Chayka said in a statement. "We expect he will continue to grow his game with increased opportunity."
The Blackhawks sent another young player, Teuvo Teravainen, to the Hurricanes in June 2016 as the incentive for Carolina to take the $4 million contract of Bryan Bickell. Teravainen was coming off a 35-point campaign as a 21-year-old with Chicago and has improved to 42 points in 2016-17 and 64 points last year.
Oesterle, 26, played in a career-high 55 games and posted 15 points, but the Blackhawks have a glut of young blueliners.
"Jordan is a mobile, puck-moving defenseman who will join our great group on the back end," Chayka said. "He breaks out pucks very well and will join the rush offensively."
Kruger, 28, is known as a defensive specialist. The center had six point in 48 games for the Hurricanes last season before being traded to Arizona in May. His best season came in 2013-14 when he had 28 points for the Blackhawks.
Entwistle, 18, had 38 points last season for a Hamilton Bulldogs team that won the OHL title. Campbell, 30, had six points in 60 games for the Tuscon Roadrunners of the AHL, while Maletta, 23, played for Tucson and the Cleveland Monsters of the AHL, posting four points in 29 games.
Arizona and Chicago have been frequent trade partners over the years, and the lowly Coyotes also have shown a willingness to absorb problematic contracts in exchange for prospects and draft picks. They acquired Chris Pronger in a trade with Philadelphia three years ago, and Pronger's last game was in 2011. They took on Pavel Datsyuk's cap hit in a trade with Detroit in 2016.
Information from The Associated Press was used in this report.