In return, the Coyotes received minor-league forward Stefan Meyer.
Reinprecht, 33, appeared in 73 games for Phoenix in 2008-09, finishing with 14 goals and 27 assists. He has recorded at least 40 points in five of his eight full NHL seasons. He helped the Colorado Avalanche win the 2001 Stanley Cup.
"Steve is a smart, high-character, hard-working player who fits our club's need for a second-line center," Panthers assistant General Manager Randy Sexton said. "We are constantly looking to upgrade our team speed and he brings this to our club as part of his skill set. He also possesses an ability to win faceoffs, another area our team looked to improve on this off-season."
A native of Edmonton, Reinprecht has played in 552 NHL games for Los Angeles, Colorado, Calgary and Phoenix, tallying 120 goals and 214 assists. He has appeared in 50 postseason games, all with Colorado, recording 10 goals and 20 points.
Meyer -- who turns 24 on July 20 -- was a second-round draft choice of the Panthers (No. 55) in 2003. He has appeared in only four NHL games, all in 2007-08, going scoreless. In 2008-09, he had 18 goals, 22 assists and 57 penalty minutes in 65 games for the AHL's Rochester Americans.