Cervelli returned from his rehabilitation assignment and was reinstated from the disabled list Friday. He'd been out since breaking his left foot in an exhibition game on March 2.
Cervelli hit .271 with 38 RBIs in 93 games for the Yankees last year.
Molina was optioned to Triple-A Scranton/Wilkes-Barre. He went 1 for 6 in three games for the Yankees this season.