The Reds gave up a player to be named later in the deal while making room on the roster by designating right-handed pitchers Ashton Goudeau and Edgar Garcia for assignment.
» ASK HAL: Barnhart trade would rock clubhouse
Cessa, 29, is 3-1 with a 2.82 ERA in 29 appearances. He has pitched six seasons for the Yankees.
Wilson, 33, is 1-1 with a 7.50 ERA in 22 appearances. He made his big-league debut in 2012 with the Pittsburgh Pirates and has a career 3.44 ERA in 10 seasons.
After a 7-4 victory on the road against the Chicago Cubs on Tuesday, the Reds (52-49) trail the Milwaukee Brewers by seven games in the National League Central Division and face a six-game deficit in the wild-card race.