Aebischer, 29, appeared in one game for the Coyotes this season. The Fribourg, Switzerland, native signed a US$600,000, one-year deal with the Coyotes on July 19. Lugano will pick up the rest of Aebischer's NHL salary.
Aebischer was assigned to the AHL's San Antonio Rampage on Oct. 24 where he posted a 2-3-0 record with a 2.58 goals-against average and .898 save percentage in five games.
The Coyotes needed to make room in San Antonio for Alex Auld, who was sent down earlier this week after the NHL club claimed Ilya Bryzgalov off waivers last weekend. David LeNeveu is also in San Antonio.
Aebischer is 106-74-12-5 in NHL career with a 2.52 GAA and .912 save percentage in seven seasons with Colorado, Montreal and the Coyotes.