The Panthers hold the option on whether the second round pick can be used this year or in 2013. The Lightning also acquired minor league left winger Jon Kalinski in the deal.
Kubina is slated to be an unrestricted free agent July 1.
Tampa Bay general manager Steve Yzerman announced on Thursday that the team was planning on trading the veteran defenseman and would hold him out of the lineup while attempting to make a deal.
Kubina, who has a limited no-trade clause, was asked to provide the team with a list of five teams he was willing to be traded to, Kubina's agent Peter Svoboda told ESPN.com on Thursday night.
The Lightning traded Dominic Moore to San Jose on Thursday. Yzerman told ESPN.com two weeks ago that he would determine his plan for the trade deadline based on where his team was in the standings in the next 7-10 days. As of Saturday night, Tampa Bay was in 11th place in the East.
"It's tough," Tampa Bay center Steven Stamkos said. "You never want to lose teammates."
Kubina has 110 goals and 382 points in 953 games. The 34-year-old has 11 points and is plus-1 in 52 games this season.
The NHL trade deadline is Feb. 27.
Pierre LeBrun covers the NHL for ESPN.com. Information from The Associated Press was used in this report.