Panik, 24, has spent the entirety of this season with the AHL's Toronto Marlies, recording nine goals and 16 assists including an overtime winner Sunday against the Syracuse Crunch. He played 76 games with the Maple Leafs a year ago, putting up 11 points.
Blackhawks head coach Joel Quenneville said Panik will not remain in the minors but will be reporting to the NHL club, per Mark Lazerus of the Chicago Sun-Times.
Morin, also 24, has spent the 2015-16 campaign with the AHL's Rockford IceHogs. He has 22 points in 82 career NHL games split between the Blackhawks and Columbus Blue Jackets from 2010-14. He will immediately join the Marlies, who next play Thursday against the Manitoba Moose.