The 24-year-old Steel played in a career-most 68 games for the Ducks last season, collecting six goals, 14 assists and a career-high 27 blocked shots.
The 2016 first-round draft pick has 24 goals and 41 assists in 197 career NHL games over parts of four seasons, all with Anaheim.
The native of Alberta became the youngest Ducks player to record a hat trick when he scored three goals on March 26, 2019, as a 21-year-old.
Minnesota is coming off a playoff appearance last year, but the Wild lost in the first round, dropping a six-game decision to the St. Louis Blues.
The Associated Press contributed to this report.