Joe Girardi will probably stay with the Yankees rather than go to the home state Cubs (he’s from Peoria and went to Northwestern). But if he leaves, Bobby Valentine likely would be one candidate to replace him in the Bronx.
Like Heyman said, Girardi will probably stay with the Yankees. But these are the Yankees and nothing is truly ever set in stone. If the Yankees are embarrassed in the playoffs then the door could open for a manager change.
I don’t think this is any huge news though. It’s really just speculation and it’s natural that the Yankees would go after the big name manager because that’s what they do. Don Mattingly is off the market having taken the Dodgers’ job. Tony Pena will be up for the job as will their Triple-A and Double-A managers, Dave Miley and Tony Franklin respectively.
None of those possibilities blow you away with their presence and as long as Valentine is available, if the Yankees are looking, he will be a possibility.