Versteeg is the latest player to be shipped away by the Stanley Cup champion Blackhawks, who are attempting to lower their salary bill.
A vital piece of Chicago's championship run, Versteeg will join Bill Sweatt in Toronto, which sent forwards Viktor Stalberg, Philippe Paradis and Christopher DiDomenico to Chicago.
The 24-year-old Versteeg recorded 20 goals and 24 assists during the regular season and an additional six goals and eight assists in the postseason.
He joins a group of Stanley Cup winners traded by the Blackhawks, who have also parted company with playoff hero Dustin Byfuglien along with Ben Eager and Brent Sopel.
(Writing by Jahmal Corner in Los Angeles; Editing by Alastair Himmer)