The Yankees sent star closer Aroldis Chapman to the Cubs in a blockbuster deal for four players.
The 28-year-old flamethrower came to New York in an offseason deal with the Reds.
He was suspended for the first 30 games this year for violating baseball's domestic violence policy.
Since then, he saved 20 games and struck out 44 batters in 33 1/3 innings.
The key player coming to New York is 19-year-old minor league shortstop Gleybar Torres, who is considered one of the top 30 prospects in baseball.
The Yanks also reacquired pitcher Adam Warren, who they sent to the Cubs in the offseason as part of the Starlin Castro deal.
Chicago is also sending the Yankees two other minor league prospects.
In another roster move, the Yankees recalled pitcher Luis Severino from the minors.