Luongo, 34, has been hoping for a trade for more than the past two seasons. The Canucks informed him that they would accommodate a move last season, but were not able to come to terms on a deal.
Instead, during the 2013 NHL Draft, the Canucks traded Cory Schneider to the New Jersey Devils for the ninth-overall pick, which became center Bo Horvat.
At the time, the Canucks did not inform Luongo or Schneider of their decision until the deal was announced, a day after being agreed to by the Canucks and Devils.
As part of the deal, the Canucks will be paying a portion of Luongo's salary.
In 42 games with the Canucks this season, Luongo posted a 19-16-6 record with a 2.38 goals-against-average, a .917 save percentage and three shutouts.
Luongo has played in 789 career NHL regular-season games with the New York Islanders, Panthers and Canucks, Luongo has compiled a 367-305-59 record with a 2.51 GAA, a .919 save percentage, and 65 shutouts.