The 37-year old Ward is making $2.5 million this season and will become an unrestricted free agent this summer.
"I'm happy for the fact I feel it's a new lease on life, a reprieve in some capacity," Ward told TSN on Wednesday when asked about his reaction to the deal. "In October and November, admittedly, I probably had one of the poorest runs of hockey in my career and I wasn't very happy with it."
In 60 games this season the three-time Stanley Cup champion has one goal and 10 assists.
In 822 career games split between the Red Wings, Bruins, Rangers and Hurricanes, the Windsor, Ontario native has 44 goals and 105 assists.
He was selected in the first round, fifth overall by the Winnipeg Jets in the 1991 NHL Entry Draft.
This is the second time that Pogge has been dealt this season as he was sent to the Ducks by the Maple Leafs in October for a conditional draft pick.
The Ft. McMurray, Alberta native was Toronto's first choice, 90th overall, in the third round of the 2004 NHL Entry Draft.
"We think we have the perfect guy in Tom Barrasso to work with a guy like Justin Pogge," said Hurricanes' head coach Paul Maurice. "He's big, he skates real well and he handles the puck. The first time I saw him skate when he was in Toronto, I thought that this guy looks exactly like Tom Barrasso. He's a very fit man, and there's some talent there. It's a project for him, but I think we have the right guy to work with him."
The conditional fourth-round draft pick that the Hurricanes will receive originally belonged to the Boston Bruins, and Carolina will receive the pick in either 2010 or 2011.