If the Yankees were to trade Cano to L.A., they almost certainly would insist upon an elite pitcher like Clayton Kershaw or Chad Billingsley in return, and in failing to get that, they'd lock in on outfielder Matt Kemp.
At 23, Billingsley just recorded his first 200 inning season, though he gave up a lot of walks (8th most in the NL, 13th in MLB).
In his rookie season, Kershaw showed even less control, issuing 52 free passes in 107 innings.
The 23 year-old Kemp is a solid cost controlled center-fielder.
My first choice would be to see C.C. sign and Cano rebound. But if C.C. finds a way to the West Coast (his obvious preference) then I think the Yankees will be better served in the long term by finding a way to bring in one of those young pitchers. It might be the better long term move either way.
Of course, in a offseason when Derek Lowe bolts for the East Coast, I can't really imagine the Dodgers trading away a key piece of their rotation, especially if their offensive concerns are solved by Manny accepting arbitration.