The deal was announced Wednesday and qualifying offers were made to restricted free agent left wing Guillaume Latendresse and backup goalie Josh Harding. The Wild were required to extend the offers by June 28 if they wanted to retain the right of first refusal for both players.
Minnesota picked Sheppard ninth overall in 2006, but he has been a disappointment in three years with the team. Sheppard scored just two goals with four assists in 64 games for the Wild last season.
The Wild also extended qualifying offers to goalie Anton Khudobin, defenseman Nate Prosser and left wing Matt Kassian. The team released center Morten Madsen and defenseman Jamie Fraser.