Gallant was fired by the Vegas Golden Knights on Wednesday and replaced by Peter DeBoer. Vegas had lost four straight games and sat outside of a playoff position when Gallant was relieved of his duties.
Tocchet's in his third year behind the Coyotes' bench and has helped turn the club into a contender since his arrival. Arizona is on pace to improve its win total for the third straight season and occupies the top seed in the Pacific Division entering Thursday's action.
Following Thursday's announcement, the 55-year-old bench boss poked fun at Coyotes forward Phil Kessel, whose sister, Amanda, is slated to play in the first-ever women's three-on-three event during All-Star weekend.
"I might try to coach one of the women's teams so at least there will be a Kessel that will listen to me," Tocchet quipped, according to the Vancouver Sun's Patrick Johnston.
The Coyotes don't have a player representative in the All-Star Game after netminder Darcy Kuemper was forced to withdraw due to injury.