The deal has cleared the last hurdle, approval by the Commissioner's Office, and Wood is on his way to the Bronx. The Yankees will send a player to be named later or cash to the Indians.
The Yankees also reportedly will cover $1.5 million of the $3.6 million the Indians still owe Wood on his $10.5 million 2010 salary.
Wood simply will add depth to a Yankees' bullpen as they gear up for the stretch run. In 23 appearances for the Indians this season, Wood was 1-4 with a 6.30 ERA and eight saves in 11 opportunities. He recently returned from the disabled list, where he was placed because of a blister on his finger.