Yankees (for now) RHP Chien-Ming Wang's agent Alan Nero says Dr. Andrews cleared Wang to begin throwing on Dec. 1.
As for Wang, the Yanks almost certainly will not tender him a contract, which would cost $5 million at the least.
But there is belief in the industry that Wang makes a lot of money back in Taiwan due to his association with the Yankees. Therefore, Wang would probably be more amenable to signing a contract with the Yanks for a low base, say about $1 million, with incentives than any other team. The Yanks still have to give Wang an offseason physical to determine his status, but the initial read is that he would not be back in the majors after shoulder surgery before next May.
The quicker he can get himself on a mound the more likely the Yankees are to keep him around. I think it would be wise for the Yanks to keep him anyway.