The Rangers also landed defenseman Chris Summers and a fourth-round 2016 draft pick in exchange for defenseman John Moore, prospect Anthony Duclair, a first-round 2016 pick and a second-round 2015 pick.
The Coyotes will also retain 50 percent of Yandle's $5.25 million cap hit, reports Darren Dreger of TSN.
Yandle, 28, has spent all eight-plus seasons of his career with the Coyotes, who hold the Western Conference's second-fewest points at 47 (20-36-7). In 63 games, Yandle had 41 points for the Coyotes (four goals, 37 assists).
Duclair, 19, is widely considered a top prospect. In 18 games, he recorded seven points (one goal, six assists) with the Rangers.
The two teams played last Thursday, with the Rangers picking up a 4-3 win.
The Rangers (38-17-6) trail the New York Islanders by two points for first place in the Metropolitan Division.
- Mike Fiammetta