Ken Rosenthal seems to think it's a possibility:
The Yankees, in dire need of a setup man, eventually will target the best available late-inning relievers — the Rockies' Huston Street, Diamondbacks' Chad Qualls and Astros' Jose Valverde...Valverde has been on the disabled list since April 26 with a right calf strain. The last thing the Yankees would want is a health risk, so other relievers such as the Orioles' Danys Baez also could appear on their wish list.
I would think that a calf strain is less of an injury concern, than say, shoulder problems, or another injury that involves structural damage. The calf strain comes as a result of taking a liner off the leg, so once it's healed, there wouldn't be much lingering damage.