The defending Stanley Cup champions made the move Monday before travelling to Dallas to face the Stars on Tuesday night.
Penner missed the Kings' past four games with a lower-body injury after getting hurt March 31 in Dallas. The eight-year NHL veteran has two goals and nine assists in 25 games this season.
The Kings began Monday in a third-place tie with Vancouver in the overall Western Conference standings. Los Angeles trails Pacific Division-leading Anaheim by nine points after Sunday's 4-3 shootout loss to the Ducks.
He's, believe it or not, actually one of my favorite guys, and I've ended up trading him twice. I appreciate what he's done. He was one year away from being an unrestricted free agent, and I felt with this opportunity, that it was a chance that we were able to get somebody for him in Nick Bonino and Adam Clendening.
— Penguins GM Jim Rutherford on forward Brandon Sutter