Robinson Cano is, in fact, looking to re-work his deal. Scott Boras, Cano's agent, phoned GM Brian Cahsman about dropping the option years and re-working the deal, but Cashman has yet to return the call. It's worth noting that the Yankees hold relatively cheap options for Cano over the next two seasons given his production, so it wouldn't make much sense from a business aspect to remove those options.
However, keeping Cano off the open market does have its advantages. He's a second baseman with offensive numbers that are rarely seen from second basemen, so his price tag could get lofty once other teams can bid on his services. Despite this, Ken Rosenthal hears that it is "highly, highly unlikely" for the Yankees to do so.
The Yankees are considering free agent Carlos Beltran as a possible right fielder, so that could explain the hold up in exercising Nick Swisher's option for 2012. The way I look at it, the Yankees have two options if they sign Beltran.
Option 1: Decline Swisher's option, offer him arbitration, hope he declines, and take the compensation when he signs elsewhere. As a Type-A free agent, Swisher would bring back the signing team's highest non-protected pick and a compensation round pick.
Option 2: Pick up his option and trade him for prospects. However, option two would be risky, as I'm not sure the Yankees would have much leverage in this situation.
Finally, Cashman's contract is "just about" complete and the deal could be announced just after the World Series ends. The deal is believed to be for at least three years.