In return, the Blue Shirts receive Ty Emberson.
Nemeth had seven points in 63 games last season. He carries a salary of $2.5 million through 2024.
Emberson was a third-round pick of the Coyotes in 2018. The 22-year-old guard had 11 points in 58 games last season with the AHL's Tucson Roadrunners.