The New York Yankees completed the trade for Alfonso Soriano, who was inserted into the lineup in the clean-up spot as the starting left fielder against the Tampa Bay Rays on Friday.
The Chicago Cubs received minor league right-handed pitcher Corey Black in exchange.
The Cubs will pay approximately $17.7 million of Soriano's $24.5 million salary thourgh the end of the 2014 season and the Yankees will be responsible for $6.8 million, ESPN reported.
The 37-year-old Soriano waived his no-trade clause to make the deal happen. He started his career in 1999 with the Yankees, who are hoping that his addition will help keep them in the race in the American League East.
The veteran is closing in on 400 career homers and 2,000 hits. This year, he is batting .254 with 17 home runs and 51 RBIs. Eight homers have come in July.
"He's going to a place that is obviously one of the better stadiums, and he's been there before and has performed in that atmosphere before," Cubs manager Dale Sveum said Thursday. "Obviously, they've had a lot of injuries, and he's the guy who can fill that void as (a designated hitter) and in left field.
"He's put together a pretty good run. Last year at 36 years old, he hit 32 (homers) and drove in 108. That's a legacy in itself. He's a guy who when he's on the field, he's lived up to his media guide, so to speak, besides the stolen bases he's had in his career early."
The Cubs have now unloaded five veterans -- outfielders Scott Hairston and Soriano, and pitchers Matt Garza, Scott Feldman and Carlos Marmol -- before the July 31 trade deadline.