In general you do not chase free agents to be the core of your team. When you need one to plug a hole you have 2 options. Less of a player for a shorter contract or more of a player with potentially downside at the end of the contract.
I believe Cano is going back too, but doesn't hurt to give the Yankees some alternatives. Pineda is a reach, but probably has better upside than Worley or May. Could be a great 2 or 3 if he can stay healthy. That can be said about every pitcher though. They are all one pitch away from.......... (Knock on wood)