The Yankees received four players in return, which includes shortstop prospect, Gleyber Torres.
Chapman was acquired by New York from Cincinnati this past off-season, but a domestic incident with his girlfriend caused him to be suspended for the first 29 games of this season. The flame-thrower was accused of choking his girlfriend last October, and his suspension was announced in March.
The five-time All-Star thanked the Yankees' organization for his short time there, and will now be in the thick of the pennant race in Chicago. The man who recently threw a 105 mph pitch will bolster the back-end of the bullpen for the Cubs, who haven't won a World Series since 1908.
The Cubs have a combined 3.83 ERA this season, which ranks seventh in the National League. They have been lead by closer Hector Rondon, who has a 1.95 ERA and 18 saves this season. There is no word on what the 28-year-old Chapman's role will be.
The former Reds closer had a record of 3-0 with a 2.01 ERA and 20 saves in 31 games with the Yankees this season. In six years with Cincinnati, the right-hander had 146 saves and a 2.17 ERA.
The Cubs were already the World Series-favorites, but this addition makes the odds of breaking the 108-year curse that much greater.