Chicago is receiving pitcher Gage Ziehl (NYY No. 18 prospect) as part of the trade.
Slater is slashing .236/.299/.423 with five home runs and 11 RBI in 51 games for the White Sox this season. The Yankees are seeing value in his split stats against left-handed pitching, specifically batting an .860 OPS against southpaws.
The nine-year veteran is set to be an unrestricted free agent after the season.
Ziehl currently boasts a 4.16 earned run average in 16 games (15 starts) during his time in the minors this season.
The former fourth-round pick in the 2024 MLB Draft has thrown 70 strikeouts in 82.1 innings pitched.
Spending the majority of the season in High-A ball, Ziehl gave up four runs and nine hits in his lone start in Double-A.