Soriano, 38, has a batting line of .221/.244/.367 with six home runs and 23 RBIs in 238 plate appearances this season. He has been in a platoon in the outfield with Ichiro Suzuki getting most of the starts in right.
The Yankees re-acquired Soriano from the Chicago Cubs in the second half of last season. He had a batting line of .256/.325/.525 with 17 home runs and 50 RBIs in 58 games with the Yankees after the trade. The Cubs are paying $13 million of his $18 million salary this year. The Yankees still owe him $5 million.
Soriano is in the final year of an eight-year, $138 million contract. He has said he may retire at the end of this season.
By clearing the roster spot, the club can recall right-hander Bruce Billings from Triple-A Scranton/Wilkes-Barre. Billings, 28, has a 5.31 ERA in 11 Triple-A starts this season. He would provide the Yankees with long-inning relief help.