Kane has 40 points (20 goals, 20 assists) in 61 games this season. He scored an NHL career-high 30 goals with the Winnipeg Jets in 2011-12.
In 557 games for the Sabres, Jets and Atlanta Thrashers, Kane has 340 points (177 goals, 163 assists).
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"We're certainly very pleased to have him," Sharks general manager Doug Wilson said. "The specific skill set he brings was something we were looking for. His speed, his scoring, his grit and youthful energy. He's 26 and he brings a lot of things to the table and his familiarity with several of our players, especially our leadership group, is real important too."
The Sharks are averaging 2.83 goals per game, 17th in the NHL entering Monday. Center Logan Couture leads them with 25 goals, but no other San Jose player has more than 15 goals. Center Joe Thornton, who has 36 points (13 goals, 26 assists) in 47 games, is out indefinitely with a knee injury he sustained Jan. 23 against Winnipeg.
Kane, who can become an unrestricted free agent July 1, said he can't wait to provide a boost.
"I'm really excited about the trade," Kane said. "I'm excited to be joining the group of guys in San Jose. ... This is a great opportunity. Excitement probably doesn't do it enough justice to how I feel. I'm looking forward to having the opportunity to possibly play in the [Stanley Cup] Playoffs and add as much as I can to that group and help get us in there and hopefully go on a long run."
Wilson said he expected Kane to arrive in San Jose later Monday and be in the Sharks lineup when they play at home against the Edmonton Oilers on Tuesday (10:30 p.m. ET; NBCSCA, SNOL, NHL.TV).
"When I talked to him, he was very eager and excited to get here," Wilson said. "He raced to get to the first flight so he could come in and make a difference for us."
The first-round pick traded to the Sabres is NHL Draft Lottery-protected and would become a second-round choice unless Kane re-signs with the Sharks or they win the Stanley Cup, Wilson said. The fourth-round pick can become a third-round choice in 2020 at San Jose's discretion.
"We have not had any conversations about contract extension," Wilson said. "We certainly really like his game, like his ingredients and everything. We get to get him in here. Let's get to know each other and go from there."
Kane, who was selected by the Thrashers with the No. 4 pick in the 2009 NHL Draft, was traded from the Jets to the Sabres on Feb. 11, 2015, with defenseman Zach Bogosian for defenseman Tyler Myers and forward Drew Stafford. He signed a six-year contract with Winnipeg on Sept. 15, 2012.
Sabres general manager Jason Botterill said it was a "difficult market" for pending unrestricted free agents, lowering the price the Sharks paid for Kane.
"There was certainly a lot of interest, but I think you saw with the rental market for rental players it was more of a difficult market than it was in previous years," he said.
O'Regan, who had one goal and four assists in 22 career games for the Sharks, will report to Rochester of the American Hockey League.
