Here's what ESPN.com's Andrew Marchand has on it:
GM Brian Cashman admitted to to the Post that with options Joba cold be headed to the minors. Now, Cashman would have said that about anyone who does not have a set spot. The GM also went on to say he expects Chamberlain to be in the bullpen. So Chamberlain may not be going anywhere, but he certainly is not going up.
Chamberlain posted a 4.40 ERA in 73 games this past season, bringing his career ERA to 3.77. If Joba doesn't flop in the spring, he will certainly be on the roster and would like remain there for the entire season.
If he can come into the 2011 season strong, the Yankees should seriously consider trading the hefty right-hander, in large part because his health issues could diminish his value over time, leading to a "Bobby Jenks-like" exit from the club, with little return coming back to the original club.