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The Red Sox will send either a player to be named or cash to the Indians.
The 37-year-old Byrd is 7-10 with a 4.53 ERA this season. But he has won all four of his starts since the All-Star break with a 1.24 ERA.
Boston began play Tuesday in second place in the AL East, four games behind Tampa Bay. The Red Sox were two games ahead of the Chicago White Sox in the wild-card race.
"Give me a few minutes before I talk," Byrd said as he packed up in the Indians clubhouse. "I'm not lucid right now. I'm saying funny things. Give me a half-hour and I'll talk."
Byrd was in Cleveland before Tuesday's game against Baltimore when the trade was announced.
The Red Sox made their second key deal in 13 days. Minutes before the deadline of 4 p.m. on July 31, they sent slugger Manny Ramirez to the Dodgers in a three-team trade that brought them left fielder Jason Bay from Pittsburgh.
The Indians, in last place in the AL Central, traded lefty C.C. Sabathia to Milwaukee on July 7. Then they sent third baseman Casey Blake to the Los Angeles Dodgers on July 26.
Josh Beckett, Jon Lester and Daisuke Matsuzaka have had strong seasons for the defending World Series champion Red Sox, but Wakefield is on the disabled list with a stiff right shoulder and Buchholz is 0-6 with an 8.19 ERA in his last eight starts.
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