The Yankees already have Derek Jeter and Brendan Ryan on their roster, giving them little incentive to sign Stephen Drew. Beyond that, they badly need starting pitchers far more than another shortstop.
Whatever slim chance there was has vanished, according to Peter Gammons. He reported on Twitter that Brian Cashman said the Yankees would not be signing Drew.
The Red Sox have said for months they would be interested in Drew returning. The longer he remains a free agent, the more leverage the Red Sox gain. Outside of the Mets, no other team is known to be considering Drew.
Of course, agent Scott Boras could scare up a team at any time. As other free agents sign, teams will shift their priorities and interest could pick up in Drew.