Schmidt was added to the Yankees' taxi squad Friday and could have his contract purchased as soon as Saturday, Kiley McDaniel of ESPN reports.
Schmidt has yet to reach Triple-A and has made just three starts at the Double-A level, but he's a talented pitcher who could make an impact for the Yankees down the stretch. The 24-year-old has thrown just 114 total professional innings, but his 3.39 ERA and 28.3 percent strikeout rate serve as good indicators of his potential.