The Cubs received right-handed pitcher Alexander Vizcaino and outfielder Kevin Alcantara -- both minor league players -- from the Yankees in the deal.
The Yankees also announced they received cash considerations from the Cubs, but the team didn't reveal the amount. According to ESPN, the amount is $5.5 million, which is the remaining balance of Rizzo's $16.5 million salary for the 2021 season.
Ahead of the trade, Rizzo wasn't in the lineup for the Cubs' series finale against the Cincinnati Reds on Thursday. The three-time MLB All-Star selection has a .248 batting average with 14 home runs and 40 RBIs over 92 games this season.
The 31-year-old Rizzo, who spent the past 10 seasons in Chicago, can become a free agent after the 2021 campaign. The slugging first baseman joined the Cubs in 2012 after being traded by the San Diego Padres.
The move to acquire Rizzo comes just a day after the Yankees got All-Star outfielder Joey Gallo from the Texas Rangers. Both Rizzo and Gallo are left-handed hitters, which the Yankees sought to add to a lineup that was predominantly right-handed.
The Yankees have a 53-48 record and are third in the American League East this season. New York trails the first-place Boston Red Sox by nine games in the division.