"Andrei is a young, skilled forward who will play on our power play," said Hurricanes GM Jim Rutherford. "Tuomo was a good player for the Hurricanes and we thank him for his contributions to our organization over the past seven years."
Loktionov, 23, has totaled four goals and eight assists (12 points) in 48 games with New Jersey during his first full NHL season.
The Voskresensk, Russia, native made his NHL debut for Los Angeles during the 2009-10 season before suffering a shoulder injury. He returned to action the following year, and was a member of the Kings' Stanley Cup Championship team in 2011-12.
Loktionov was Los Angeles' seventh pick, 123rd overall, in the 2008 NHL Entry Draft.