Rodon, 30, had an MRI after leaving Sunday's 9-7 loss to the Houston Astros in the third inning. He looked awkward finishing his delivery on his final two pitches to Astros right fielder Chas McCormick before manager Aaron Boone and the training staff came out to see him and he was subsequently pulled from the game.
"Carlos wants to pitch through it and it doesn't sound like he's going to have to be shut down at all," Yankees manager Aaron Boone said before Monday's game against the Chicago White Sox.
Boone wasn't certain who would take Rodon's rotation spot, but mentioned right-hander Randy Vasquez, currently with Triple-A Scranton/Wilkes-Barre.
Rodon missed the first three months of the season with a left forearm strain and has struggled since returning. He saw his ERA rise to 7.33 after giving up home runs to Jake Meyers and Yordan Alvarez on Sunday.
Rodon is in the first year of a six-year, $162 million deal he signed last winter but has made only six starts for New York.
The Yankees also reinstated right-hander Jonathan Loaisiga from the 60-day IL. He underwent arthroscopic surgery to remove a bone spur from his pitching elbow, which had sidelined him since April 5.
Boone said he had no reservations about using Loaisiga in a high-leverage situation even though the 28-year-old reliever has appeared in just three games and pitched 3⅓ innings for New York this season.
"I feel like he's in a really good place," Boone said. "We feel like he's throwing the ball really, really well. I'm really excited to add him to the mix because he's an impact reliever back there."
ESPN's Jesse Rogers and The Associated Press contributed to this story.