Korenar signed a one-year contract with the Sharks on Tuesday after making his NHL debut for them this season, when the 23-year-old was 3-5-0 with a 3.17 GAA and an .889 save percentage in 10 games (seven starts).
Korenar can become a restricted free agent after next season.
"We are very pleased to acquire Josef," Coyotes general manager Bill Armstrong said. "He is an athletic goaltender who played very well in the Pacific Division. … We look forward to continuing to watch him develop."
Arizona on Saturday acquired forward Andrew Ladd, a second-round pick (No. 60) in the 2021 NHL Draft, a second-round pick in the 2022 draft and a conditional third-round pick in the 2023 NHL Draft from the New York Islanders.
Ladd has two seasons remaining on the seven-year contract he signed with the Islanders on July 1, 2016.
"I think it's really good for us as an organization," Armstrong said. "The past regime that was here had some picks stripped because of some testing that they did. For us, that was one of the frustrating things of being here, is that, you know, you want to move ahead and you can't because you can't really pick. So now we've really put ourselves in good shape in that sense, and now we've got the opportunity to pick players."
The Coyotes forfeited a first-round pick (No. 11) in the 2021 draft and a second-round pick in the 2020 NHL Draft as a result of violations of the NHL Combine Testing Policy during the 2019-20 season under former GM John Chayka.
Ladd did not play for the Islanders last season (one game for Bridgeport of the American Hockey League) after playing four regular-season games and one Stanley Cup Playoff game in 2019-20. The 35-year-old had surgery after tearing the ACL in his left knee against the Coyotes on March 24, 2019. He injured his right knee Nov. 15, 2018.
"I've put a lot of time and effort into getting my body in the place where I feel great and to have the opportunity to show that is an exciting prospect for me obviously," Ladd said. "… Really spent the last 18 months from the ground up just getting my body back where it needs to be."
NHL.com staff writer Mike Zeisberger contributed to this report