Niederreiter, 26, is in the midst of a down season with nine goals and 14 assists in 46 games. The former fifth overall pick averaged 23 goals per 82 games over the last four campaigns.
Rask, 25, began the season on injured reserve after he accidentally sliced his hand in a kitchen accident this past summer. He hasn't quite found his footing since returning to the lineup, picking up a goal and five helpers in 26 games while averaging a career-low 12:02 minutes of ice time.
Both players will become unrestricted free agents following the 2021-22 season. Rask's contract has an average annual value of $4 million, while Niederreiter's cap hit is $5.25 million.
The Hurricanes will look for Niederreiter to add scoring punch to a team that sits 27th in goals per game despite ranking first in shots on goal.
Meanwhile, Rask could fill a future need at center for the Wild. Eric Staal, 34, is an unrestricted free agent at the end of this season and 35-year-old Mikko Koivu's contract expires after next year.