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We introduce a new elliptic integrable s-model in the form of a two-parameter deformation of the Principal Chiral Model on the group SLR(N), generalising a construction of Cherednik for N = 2 (up to reality conditions). We exhibit the Lax connection and R-matrix of this theory, which depend meromorphically on a spectral parameter valued in the torus. Furthermore, we explain the origin of this model from an equivariant semi-holomorphic 4-dimensional Chern-Simons theory on the torus. This approach opens the way for the construction of a large class of elliptic integrable s-models, with the deformed Principal Chiral Model as the simplest example.