If the little copper tabs between the screw terminals are intact, on both sides of the receptacle. It's as easy as using twist-on wire connectors (or other approved device), to "pigtail" the existing wires. That will leave you with a single wire, to connect to each side of the new device.
To create a pigtail. Start by turning off the power, and verifying that it's off. Remove the two white wires, and combine them with an additional length of same sized white wire, using a twist-on wire connector. Do the same with the black wires.
Now you'll have one white and one black wire, that you can connect to the new receptacle.