From Ken Rosenthal:

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The Yankees are telling clubs that they are open to moving outfielder Melky Cabrera, who would be a perfect fit for the White Sox.   Cabrera trails Brett Gardner in the Yankees’ center-field competition. By trading him, the team could open at-bats for Nick Swisher, who was beaten out by Xavier Nady in right field but also plays center, left and first.

The Yankees have talked about trading either Nady or Swisher, but potential suitors might be more willing to part with young talent for Cabrera, who is 24 and four years away from free agency.  Jerry Owens, Brian Anderson and DeWayne Wise have been competing for the White Sox’s centerfield job. Cabrera almost certainly would hold greater appeal.

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With Nick Swisher on the bench, Hideki Matsui needed in an emergency and phenom Austin Jackson about 2 hours away in Scranton, Cabrera is expendable.  However, the Yankees should make sure they get someone strong in return.  Otherwise its probably smarter to keep Cabrera to improve bench depth.