Terms were not disclosed.
The 27-year-old Galchenyuk returns to Arizona after scoring five goals with eight assists with Ottawa and Toronto last season. He was traded to Carolina from Ottawa on Feb. 13 and two days later was traded to Toronto, where he played 26 games.
Galchenyuk had 19 goals and 22 assists in his previous stint with the Coyotes in 2018-19. He also was a key part of Arizona's power play, leading the team in goals and points.
Galchenyuk has 140 goals and 193 assists in 583 career games, including stints with Minnesota, Pittsburgh and Montreal.