Collins, 24, was rated as the team's 11th-best prospect by MLB Pipeline entering this 2019 season. He was hitting .250 with nine homers, 39 RBIs and an .855 OPS in 50 games at Triple-A.
In other moves, Chicago reinstated lefty reliever Jace Fry from the injured list and placed catcher Welington Castillo on the 10-day injured list with a strained left oblique.
Collins is expected to split some of the catching duties with James McCann, who's an All-Star candidate. Collins also has experience playing first base in the minor leagues and could potentially receive time as the designated hitter.
Fry, 25, had been on the injured list since June 10 as he dealt with left shoulder soreness. He has a 5.79 ERA and 1.63 WHIP in 28 appearances this season.
Castillo suffered his injury in a loss against the Yankees on Sunday. He's hitting .196 with five homers and 15 RBIs in 34 games in 2019.