The deal was first reported by Jack Curry of the YES Network.
The Yankees are trading minor leaguers Caleb Cotham, Rookie Davis, Eric Jagielo and Tony Renda for Chapman. New York will keep relievers Dellin Betances and Andrew Miller.
Chapman, a hard-throwing, left-handed closer, has pitched in the majors since 2010. Last season, he threw 66 1/3 innings, posting 33 saves with a 1.63 ERA and 116 strikeouts. His 15.74 strikeouts per nine innings ratio led all Major League relievers. Chapman has recorded at least 33 saves in each of the last four seasons.
A native of Cuba, Chapman signed a six-year, $30.25 million contract with Cincinnati in January 2010. In his career, Chapman has recorded 146 saves with a 2.17 ERA and 546 strikeouts.
Cotham is the lone Yankees prospect in the deal to have spent time in the major leagues as he went 1-0 with a 6.52 ERA in 12 relief appearances.
- Rohan Nadkarni