Right-handed pitcher Alexander Vizcaino and outfielder Kevin Alcantara, both minor leaguers, will head from New York to Chicago in the trade.
The Yankees also announced they acquired cash considerations from the Cubs but didn't specify the amount. A source told ESPN's Jesse Rogers that it is $5.5 million, which is the remaining balance of Rizzo's $16.5 million salary this season.
Rizzo, who will turn 32 on Aug. 8, can become a free agent after the season. He has spent the past 10 seasons with Chicago. The slugger went over in a trade with the San Diego Padres in 2012 and is considered one of the iconic Cubs after helping break a 108-year championship drought in 2016.
The move to get Rizzo comes after New York also got All-Star outfielder Joey Gallo from the Texas Rangers. Both Rizzo and Gallo are left-handed hitters, which the Yankees had sought to add to a lineup that was predominantly right-handed -- not a good mix at Yankee Stadium with its short porch in right field.
The Yankees had been using a mix at first base this year with DJ LeMahieu getting a lot of time. Luke Voit led the majors in home runs last year during the pandemic-shortened season, but the big first baseman has been injured for much of the year.
Information from The Associated Press was used in this report.