The Pirates also receive a cash consideration.
Izturis was an All-Star with the Dodgers in 2005 before his season was cut short by elbow surgery. He joined the Cubs at the trading deadline last season when Chicago dealt Greg Maddux to Los Angeles.
In 65 games for the Cubs this season, Izturis was batting .246 with eight R-B-Is. His playing time had diminished after Ryan Theriot took over as the Cubs' Number One shortstop.
The Cubs also called up catcher Jake Fox from Double-A Tennessee. He can also play first, third and the outfield.