The 30-year old winger has joined the Red Bulls, along with a second-round pick (No. 21 overall) from Toronto, for their own first-round selection (No. 15) and a 2016 third-round pick.
Red Bulls sporting director Andy Roxburgh admitted it was a great coup to bring in former USA international Convey who has previously spent time with DC United, English club Reading, San Jose Earthquakes and Sporting Kansas City.
"Bobby is a very experienced player who we believe can make an immediate impact on our squad," Roxburgh said.
"We have been looking at him for some time and he will add quality on the flanks. Bobby's technical ability will certainly provide us an added dimension."
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