The deal marks the first time the rivals have made a trade since 1997 when Mike Stanley came to the Yankees.
The Yankees also acquired Martin Prado from the Arizona Diamondbacks for home run hitting prospect Pete O'Brien.
Boston Red Sox
What it means: Drew is not going to play shortstop during Derek Jeter's retirement tour, so he most likely will play second base, where Brian Roberts has not been great. It wouldn't surprise me if Roberts is let go.
The Yankees could put Drew at third base some and have Chase Headley play some outfield.
They have been interested in Drew for a couple of years but couldn't get a deal done with Drew's agent Scott Boras.
As for Prado, he is a jack-of-all-trades but likely will see a lot of time in right field.
Many deals: The Yankees made four midsize deals before the deadline. Prior to Thursday, Brandon McCarthy and Headley were brought in. Both have been good so far.
Marlon Byrd would have been an upgrade over Ichiro Suzuki, but the Yankees spent $250 million on outfielders in the past 10 months. Is it really wise to add a guy who is owed $8 million next year and could be owed as much as $16 million over the next two seasons? Alex Rios is not that great either.
Standings: The Yankees are three games back in the wild card and 5½ behind in the American League East. They are a middling team that really shouldn't be wasting chips from their farm system to go for it this season.
Play some kids: Would you rather watch one of these not great but better than Ichiro guys play right than see a guy like Rob Refsnyder get a shot? Refsnyder might give the Yanks a bit of a jolt, and they could get a better read on whether he can hit in the majors. My impression from talking to Yankee people: Refsnyder is not advanced enough at second base for them to feel comfortable bringing him up to play there, but why not try him out in right field? Perhaps that move is coming.
Cashman: Brian Cashman will speak to the media in a little bit, so come back to hear what he has to say.
By the way: The Yankees already have Jon Lester on their offseason radar.
Also: If the Yanks want to make a deal in August for someone like Cliff Lee, he should get through waivers. The Yankees, though, at least right now, are not in love with how he has looked and all the money he is owed.
Next year: Drew probably becomes the leading candidate to replace Jeter.
Question: How do you feel about the Yankees' deadline moves?