Tyler Kepner seems to think it's a possibility:
Reliever Edwar Ramírez could be called up again as early as Friday. Ramírez earned a save for Class AAA Scranton/Wilkes-Barre on Thursday. Since the Yankees demoted him last month, he has allowed 1 earned run in 10 2/3 innings with 17 strikeouts.
Also, Chad Jennings of SWB Yankees Blog believes Ramirez looks better than ever since his demotion from the Bronx:
Edwar Ramirez looked terrific in the seventh inning of the first game, getting two strikeouts including Jacoby Ellsbury to end the game. He hasn't skipped a beat since being sent back from New York. He took that last big league outing so hard that I thought he might struggle, but it's been more of the same. And yes, as someone said in the comments, he's spotting his fastball better, helping setup that terrific changeup. I feel confident he'll be back in New York in September, if not before. When he's sharp, he's awfully impressive.
If there is any truth to this report by Kepner, one has to assume either Jeff Karstens or Jim Brower will be next on the chopping block since neither has impressed anyone since their additions to the roster within the past week.
My money is on Karstens.