Hall, 28, is in the final year of his current deal, which carries an annual cap hit of $6 million. He's scheduled to become an unrestricted free agent in July, and Devils GM Ray Shero is reportedly listening to potential offers for the blue-chip winger.
The Devils entered the 2019-20 campaign with high expectations after being one of the most aggressive teams in the offseason. But New Jersey has stumbled to a 9-14-4 record through 27 contests and sits second-last in the NHL entering Thursday's action.
Arizona, on the other hand, has enjoyed a strong start to the season as it looks to end a seven-year playoff drought. The Coyotes have been one of the league's best defensive teams but rank 23rd in goals-per-game and could use an offensive boost.
Coyotes general manager John Chayka added perennial goal-scorer Phil Kessel in a deal with the Pittsburgh Penguins in July, and his apparent interest in Hall seems to indicate Arizona is all-in on this season; the Coyotes are currently projected by CapFriendly to have just $785,000 in cap space for 2020-21 - the first season of Hall's next contract.
Hall captured the 2018 Hart Trophy as league MVP with a career-best 93-point campaign. The Alberta native leads the Devils with 22 points this season but has mustered just four goals in 27 games.