The Yankees also received outfielder Billy McKinney, right-hander Adam Warren and outfielder Rashad Crawford.
Chapman, 28, is 3-0 with 20 saves and a 2.01 ERA in 31 appearances this season, striking out 44 batters in 31 1/3 innings. He is eligible for free agency after the 2016 season.
McKinney, 21, came to the Cubs with shortstop Addison Russell in 2014 in the deal that sent Jeff Samardzija and Jason Hammel to the A's. McKinney, who ranked fifth in the Cubs' system and No. 75 overall, is hitting .252 with one home run, 12 doubles and three triples in 88 games for Double-A Tennessee this season. The left-handed hitter is a former first-round Draft pick and profiles as a left fielder in the Majors.
Warren returned to the Yankees, with whom he began his Major League career before being traded to the Cubs this offseason for Starlin Castro. The right-handed swingman is 3-2 with a 5.91 ERA in 29 appearances this season, including one start. He was in the process of being stretched out at Triple-A Iowa for additional rotation depth.
Crawford, 22, was the Cubs' 11th-round Draft pick in 2012. He was hitting .255 with three homers and eight triples in 83 games with Myrtle Beach.
The Yankees acquired Chapman from the Reds this offseason for four Minor League players. Chapman was suspended for the season's first 30 games under Major League Baseball's domestic violence policy for his involvement in an alleged incident in October.
Zinkie on Cubs agreeing to acquire fireballing lefty
MLB.com fantasy writer Fred Zinkie discusses how Aroldis Chapman's reported trade to the Cubs impacts Andrew Miller and Chicago's bullpen
Fantasy spin | Fred Zinkie (@FredZinkieMLB)
With a 2.16 ERA, a 1.00 WHIP and a 15.2 K/9 rate in his big league career, Chapman is arguably baseball's most valuable fantasy closer. Now part of a Cubs squad with the best record in the sport, the left-hander should have many opportunities to generate saves and strikeouts down the stretch. The biggest fantasy drop here -- of course -- comes for Hector Rondon, who will shift from Chicago's ninth inning to a setup role despite having thrived the past two years (1.77 ERA, 0.91 WHIP). He can be dropped in mixed leagues that don't value holds. Andrew Miller of the Yankees, meanwhile, represents the trade's biggest fantasy winner, as he should return to the closer role he held during his 36-save campaign of 2015. A dominant southpaw in his own right (1.45 ERA, 15.4 K/9 in '16), Miller should rank among baseball's top stoppers as long as he remains with the Yankees through the Aug. 1 non-waiver Trade Deadline.
Cash Kruth is a reporter for MLB.com. Follow him on Twitter at @cashkruth. This story was not subject to the approval of Major League Baseball or its clubs.
Cubs get Chapman from Yanks in blockbuster
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