The Yankees announced on Wednesday that Torreyes was sent to Chicago in exchange for a player to be named later or cash considerations.
After making a brief MLB debut with the Los Angeles Dodgers in 2015, Torreyes found a niche role when he was traded to the Yankees. The 26-year-old hit .281/.308/.374 in 570 at-bats over the past three seasons.
The Cubs know Torreyes well after he spent 1.5 seasons in their minor league system from 2012-13 before being dealt to the Houston Astros in July 2013.
Chicago was likely in the market for a middle infielder with Addison Russell suspended until May 3 as the result of his 40-game ban for violating MLB's domestic violence policy.
Torreyes' best season came in 2017 when he appeared in 108 games and posted a .689 OPS. His playing time has been fairly evenly split between second base (92 games), third base (74 games) and shortstop (60 games). New York also used him as a designated hitter and right fielder.