The 34-year-old Wang was 8-5 with a 3.70 ERA in 19 games this season for Triple-A Louisville in the Cincinnati Reds' organization. The right-hander recently opted out of his contract with the Reds.
Wang won 19 games for the New York Yankees in both the 2006 and 2007 seasons. He was 55-26 with a 4.16 ERA in 109 games for the Yankees (104 starts).
In other moves, White Sox pitcher Dylan Axelrod, who made 30 appearances (20 starts) with the White Sox last season, was traded to Cincinnati. It is not yet known what the White Sox received in return. The right-hander was 6-7 at Charlotte this season with a 4.37 ERA.
In other moves at Charlotte, pitcher Deunte Heath was released to allow him to pursue an opportunity in Japan. Infielder Tyler Saladino, who was named to the International League All-Star team, was put on the disabled list with a strained muscle in his throwing arm.