Hjalmarsson gives Arizona more stability on the back end after it traded away No. 1 goalie Mike Smith last weekend.
Meanwhile, the Blackhawks had signed Panarin to a two-year, $12 million contract extension last December.
Combined with the Niklas Hjalmarsson deal, it seems the Blackhawks are shedding short-term deals for long-term ones.
The departure of Panarin is a blow for the Chicago team.
General manager Stan Bowman promised changes were coming after the Chicago Blackhawks were swept in the first round of the playoffs. Dauphin, 22, has appeared in 32 National Hockey League games over the past two seasons.
This is an interesting deal reunites Saad with some old friends in Chicago, where he won two Cups.
'Vemon' film to be set in same universe as 'Spider-Man: Homecoming'
And while that connection seems like it should join them to the MCU , things are far more complicated than they seem. I'm pleased to announce we're giving away 20 admit-two passes to the Atlanta screening of Spider-Man: Homecoming .
In exchange, the Blue Jackets received left wing Artemi Panarin, a 2016-17 Second Team NHL All-Star and NHL Rookie of the Year in 2015-16, left wing Tyler Motte and a sixth round pick in the 2017 NHL Draft.
"There's no doubt that the guys who've been here for a while are excited to have him back", Bowman said.
Hjalmarsson finished with five goals and 13 assists in 73 games last season, while Panarin had 31 goals and 43 assists while playing in all 82 games. He teamed with Patrick Kane and Artem Anisimov to form one of the NHL's most potent lines the past couple seasons.
The 30-year-old Hjalmarsson had spent his entire 10-year career with Chicago, where he had 23 goals and 120 assists in 623 career games along with the franchise record for most playoff games played by a Blackhawks defenceman at 128. Murphy, 24, recently completed his fourth season in the NHL and had 2 goals and 15 assists in 77 games last season with the Coyotes, who selected Murphy with the 20th pick in the 2011 NHL Draft.