According to Joel Sherman of the New York Post:
The general consensus appears that free agents Bobby Abreu and Jason Giambi will be allowed to leave and that fits a logic: The Yanks are trying to get younger, trying to thin the herd of aging corner outfield/first base/DH types and trying to reduce the payroll where possible.
The Yanks would save more than $25MM by letting the pair leave. But as Sherman notes, they’d lose a couple of their top OBP guys. They’d also face a weak free agent market for first basemen, aside from Mark Teixeira. In the outfield, Xavier Nady could take over in right. Interesting note from Ken Davidoff – he says Giambi’s legacy to the Yankees may be his generosity toward the support staff.
Beyond Teixeira, the Yankees could attempt to trade for Ryan Howard, Prince Fielder, or Adam LaRoche. As far as team control, Howard and Fielder have three years, LaRoche one. It’s tough to see the Phillies or Brewers making a deal without Phil Hughes. A couple of other possible trade candidates include Garrett Atkins, Lyle Overbay, Nick Johnson, and Todd Helton.