According to Ken Rosenthal, the Yankees are 'aggressively shopping' Phil Hughes and Joba Chamberlain, but no deal is particularly imminent. However, Rosenthal does mention that Joba being passed off to a National League team could happen sometime soon.
AL exec: "Yanks aggressively pushing Joba, Hughes. Joba could happen soon to NL team." Source says #Yankees talking on both, nothing close.— Ken Rosenthal (@Ken_Rosenthal) July 10, 2013
Jon Heyman of CBS Sports says that the Angels have been interested in Hughes, but the team isn't sure whether they will be buyers or sellers at this point. Los Angeles was interested in drafting Hughes, who is from Orange County, before they ultimately decided on Jered Weaver.
An executive tells Heyman that the Yankees would trade Joba for a "pine-tar rag" at this point, which is probably of no surprise to anyone. The struggling reliever hasn't exactly endeared himself to the organization and will be a free agent at season's end. The Phillies, Braves, and Giants were all once reportedly interested in Chamberlain, but Rosenthal says that the Phillies do not have interest and the Giants rumor had been previously dispelled.
In any deal, the Yankees would be looking for offense, obviously. It seems unlikely that anything very flashy could come from a trade of Hughes or Joba, but stranger things have happened and nearly anything would represent an upgrade to the current offensive lineup.