Financial terms of the deal announced Saturday were not disclosed.
Schmaltz got off to a strong start with the Coyotes, scoring five goals with nine assists in 17 games, but went down with a season-ending knee injury in December. He recently started skating as part of his rehabilitation.
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 games.