Dzingel, who was originally drafted by the Senators in 2011, will return to Ottawa after splitting the last two seasons between the Hurricanes and Columbus Blue Jackets.
In 11 games so far with the Hurricanes this season, the 28-year-old forward has scored twice and added two assists. Over 343 career regular-season NHL games, he has posted 76 goals and 95 assists.
Prior to the trade, Galchenyuk and Paquette were both skating in their first season for Ottawa.
Galchenyuk, who at age 27 will be moving onto his sixth NHL team, scored once in his eight games played with Ottawa. Across 557 games split between the Montreal Canadiens, Arizona Coyotes, Pittsburgh Penguins, Minnesota Wild and Senators, Galchenyuk has scored 136 goals and added 185 assists.
Paquette has appeared in nine games with the Senators this season, scoring once. The 27-year-old skated in all 25 post-season games for the Lightning in 2020, recording three assists during Tampa's run to the Stanley Cup.
“Cedric is a strong, physical forward who won the Stanley Cup with Tampa Bay last season,” Don Waddell, the Hurricanes general manager and president of hockey operations said in a statement. “We’re excited to add both of these players to our forward group.”