Bava Metzia 47a/b uses Rus 4:7 verse in a discussion about transferring ownership by exchange. This is called chalifin (eg using a shoe). The Gemoro is unclear whether the redeemer gave his shoe to Boaz or the other way round. See also Bava Metzia 7a.
Is it just coincidence that the chalifin is similar to Noami’s son Chilion? Whereas Machlon’s soul was redeemed through Oveid, I’m not sure about Chilion’s.
Machlon’s soul was redeemed through Oveid, who was Boaz, when he redeemed Rus. Regarding Chilion though, it would appear though that his soul was not redeemed, as Orba, did not come with Naomi back to Eretz Yisroel, and she went back to her gentile heritage. The Zohar (Zohar Chadash Rus 78a) Says that Rus the wife of Machalon, because H-shem was mochel him, and his name is among the Jews (through Rus), and Orpa the wife of Chilion, that H-shem destroyed him as his name is not mentioned among the Jews.