Schmidt (elbow) will begin a rehab assignment with Double-A Somerset on Saturday, Gary Phillips of the New York Daily News reports.
This marks Schmidt's return to a competitive setting for the first time in nearly 14 months following internal brace surgery. While the fantasy implications are minimal since Schmidt is not expected to have time to build up to a starter's workload, the right-hander appears on track to contribute down the stretch as a member of the Yankees' bullpen.