The team on Tuesday reached agreement with free-agent third baseman Kevin Youkilis on a one-year, $12 million contract, according to major-league sources.
The deal, which is pending a physical, will bring to New York a player who spent nearly his entire career with the Boston Red Sox.
Rodriguez, who will undergo surgery on his left hip next month, will be out until at least May and possibly July.
Youkilis, 33, started last season with the Red Sox, then was traded to the Chicago White Sox on June 24.
He performed much better for the White Sox, producing a .771 OPS, 15 home runs and 46 RBI in 80 games.
Youkilis had a .692 OPS, four homers and 14 RBI in 42 games with the Red Sox, and spent three weeks on the DL with lower back tightness.
Once Rodriguez returns, Youkilis can spell him at third and also contribute at first base and DH.