The logic behind this makes sense. Unlike the Mets deal with the Brewers for Francisco Rodriguez, this will not be a straight salary dump. Beltran won’t get a kings ransom, but he is a strong rental player who currently has anywhere from 6-8 teams interested in him with the Tigers probably the favorites.
The Yankees also have players at any spot where Beltran would play. Brett Gardner, Curtis Granderson, and Nick Swisher make up probably the best outfield in baseball and Jorge Posada has put up good numbers as the DH since he struggled in April. So there is really no where to use Beltran.
On top of that the Yankees have other pressing areas of need. They are always shopping for a starting pitcher. They would probably like to add a reliever or two, specifically a lefty if they can. And a bench player, especially one who can play third base, is also a bigger need right now.