Duclair is believed to have recently requested a trade out of the desert, seemingly in search of a fresh start after struggling to regain the fine form of his rookie year that saw him record 20 goals and 24 assists in 81 games.
The 22-year-old scored nine goals and added six assists in 33 games for the Coyotes this season, and he's set to become a restricted free agent this summer.
In return, the Coyotes receive 26-year-old Panik, who has this season and next remaining on a deal that carries a $2.8-million cap hit.
In 37 games this campaign, he contributed six goals and 10 assists.
No salary was retained in the deal, TSN's Pierre LeBrun adds, thereby freeing up some cap space for Chicago after taking on the balance of Duclair's $1.2-million cap hit.
Dauphin and Clendening are minor leaguers with limited NHL experience, with Duclair and Panik clearly serving as the centerpieces of this deal.