In the deal, Tyson Jost will be joining the Wild while Nico Sturm is moving to the Avalanche.
According to CapFriendly.com, the Avalanche will clear approximately $1.275 million in cap space with this trade.
Sturm, 26, has nine goals and 17 points in 53 games this season. A second-year centre, he was second on the Wild with a 52 per cent success rate in the faceoff dot. He will be an unrestricted free agent after the season.
Jost, 24, was a first-round pick (10th overall) by the Avalanche in 2016. His point totals have dipped in recent years and he has six goals and 14 points in 59 games this season — his fifth full campaign in the NHL. He is in the first year of a two-year, $4-million deal and will be an RFA after the 2022-23 campaign.
"Nico is a big, strong forward who also brings a heavy defensive presence. He is a defensive-minded centre who can chip in offensively, is good on draws and can contribute on the penalty kill," Avalanche GM Joe Sakic said in a statement. "We would like to thank Tyson for everything he has brought to our team over the last five seasons, not just on the ice, but in the generous and impactful work he has done throughout the community."