In return, the Devils receive a fifth-round draft pick in 2018.
Wedgewood, 25, has played four NHL games, all during the 2015-16 season. He registered a 2-1-1 record with a 1.24 goals against average, a .957 save percentage and one shutout.
The Coyotes are off to a historically poor start this season, going 0-9-1 on the year so far.
Wedgewood won’t have far to go in joining his new team—the Devils and Coyotes face off Saturday evening in New Jersey.