In return, the Sharks get a pair of second-round picks (2013 and 2014). The second pick in 2014 is based on Pittsburgh winning two playoff rounds or re-signing Murray. If neither occurs, the Sharks get a third round pick in 2014.
The Penguins traded for winger Brenden Morrow on Sunday and just like Morrow, Murray is also slated for unrestricted free agency in July.
In Murray, the Penguins get a hard-nosed, physical blue-liner who is an excellent penalty killer.
"First off, I have nothing but a great time playing here in San Jose, they're a first-class organization from ownership to management to the coaches,'' Murray told ESPN.com. "I feel empty a bit leaving that place and not getting it done (winning a Cup). But I'm obviously very excited going to Pittsburgh. They have a great team and they're really playing well right now.
"If you were going to get dealt, I'm not sure you could pick a better team to go to. I'm really excited. And I'm not shocked at getting traded given how we've performed here in San Jose of late and given my contract status."
San Jose general manager Doug Wilson sees the trade as a move to look to the future.
"This doesn't take away from our goal of trying to compete and make the playoffs this year," Wilson said. "We have to play better on a 60-minute basis for longer periods of time to accomplish that. Rebuild often brings connotations of we're not going to try to compete to win. We have high expectations for our group and we're not going to diminish those even if we go into the reset or refresh mode."
The Sharks entered play Monday in a three-way tie for ninth place in the Western Conference, one point behind Dallas for the final playoff spot. San Jose is one of two teams in the league along with Detroit to make the postseason every year since the 2004-05 lockout but that streak is in jeopardy this year.
After playing at Pacific Division-leading Anaheim on Monday night, the Sharks will have a seven-game homestand that will go a long way toward determining their fate this year. San Jose has lost 17 of 23 games since getting off to a franchise record 7-0 start to the lockout-shortened season.
"This conversation might be different if we were playing on all cylinders and continued on the way that we played the first seven to 10 games of the year," Wilson said. "We certainly haven't shown that ability for quite a while now. It doesn't mean we can't come out of it and put a little bit of a press on. But it needs to start tonight."
Wilson said Pittsburgh aggressively pursued Murray and paid full value for the potential unrestricted free agent just over a week before the trade deadline.
Wilson said Murray deserved to be dealt to a contender. Pittsburgh has won 12 straight games heading into Tuesday night's showdown with surprising Montreal but is playing without defenseman Kris Letang, who remains day to day with a lower-body injury.
Information from The Associated Press was used in this report.