The Yankees also receive cash considerations in the deal.
Lynn spent his first six seasons with the St. Louis Cardinals, with whom he won a World Series as a rookie in 2011. Lynn joined the Twins in March on a $12 million, one-year contract that includes bonuses of $1 million each for pitching 170 and 180 innings. He made 20 starts for the Twins, going 7-8 with a 5.10 ERA.
Lynn had Tommy John surgery that caused him to miss the 2016 season. He returned and tied a career high and the NL lead with 33 starts last year.
Austin, who made New York’s Opening Day roster, appeared in 34 games earlier this season, hitting .223 with six doubles, eight home runs and 23 RBIs. In 25 games for Triple-A Scranton/Wilkes-Barre, he’s hitting .247 with nine doubles, five home runs, 11 RBIs.
Rijo, 19, was signed as an undrafted free agent by the Yankees in 2015 from Valencia, Venezuela. The 5-foot-11, 165-pound right-hander went 4-1, with a 2.77 ERA in seven games (5 starts) between High-A Tampa, Low-A Staten Island and Rookie-Level Pulaski this season.
Ahead of Tuesday’s deadline for trades without waivers, the Yankees recently acquired reliever Zach Britton from Baltimore and starter J.A. Happ from Toronto, and dealt left-hander Chasen Shreve and right-hander Giovanny Gallegos to St. Louis.
Information from The Associated Press was used in this report.