The move could signal that the Yankees are pursuing a major addition to their enclosure and were looking to make room.
The deal was announced hours after New York City won 4-3 at Tampa Bay, and Cincinnati finished a 7-4 road win over the Chicago Cubs on Tuesday night.
The Yankees also made a bullpen move on Monday, acquiring reliever Clay Holmes from the Pittsburgh Pirates for minor league infielders Hoy Park and Diego Castillo.
Cessa, 29, is 3-1 with a 2.82 ERA in 29 relief appearances for the Yankees this season.
Wilson, 33, was 1-1 with a 7.50 ERA in 21 outings. The southpaw missed a total of 34 games in two appearances on the injured list with left shoulder inflammation (March 29-April 9) and hamstring strain (May 29-June 30) . He signed a one-year contract in February with a player option for 2022.
New York has nine games behind leading AL East leader Boston and seven behind the Rays in second, but much closer in the hunt for the AL’s second wild card.
Cincinnati sits second in the NL Central, seven games behind Milwaukee, and is also chasing San Diego for the NL’s second wild card.