Yandle, 26, has three-years left on his current contract beyond this season at an annual salary cap hit of $5.25 million.
It's unclear how in-depth trade talks between the two clubs have been, but the Coyotes have been fielding calls for Yandle, and several teams are interested.
The Detroit Red Wings, Edmonton Oilers and Philadelphia Flyers would also like to get their hands on Yandle.
It's believed the Blackhawks could look to package defenseman Niklas Hjalmarsson with a good, young NHL-proven player or top prospect and a draft pick in exchange for Yandle.
Meanwhile, the Hawks are also interested in Dallas Stars center Derek Roy, who is quickly becoming a hot commodity as the deadline approaches.