Cervelli had a CT scan and a MRI taken on Wednesday after he fouled a ball off the foot during New York's Grapefruit League exhibition against the Astros.
For now, the team has classified the injury as a bruise, though there is concern that there may be a fracture.
"He did feel a little bit better today, but there's still some concern," Yankees manager Joe Girardi said. "We'll just wait to see what [the doctors] say."
2010 Spring Training - null
Sights & Sounds
Spring Training Info
Cervelli, who turns 25 next week, is in competition with Jesus Montero and Austin Romine to serve as the backup catcher for Russell Martin to open the season.
Girardi said that any prolonged absence could impact Cervelli's chances of making the Opening Day roster, although the Yankees would also consider his existing big league track record against their spring evaluations of Montero.
"If Cervy is down for a little bit, we have an idea of what Cervy can do," Girardi said. "We've seen him play very well at this level, so the evaluation is a lot of the young kid, Montero."
Montero, 21, started on Thursday against the Rays and went 0-for-2. He has just one hit in eight at-bats (.125) this spring, but has drawn positive reviews from the coaching staff for his defensive improvement.
"I've been catching a lot," Montero said. "I've been trying to do my work behind the plate, trying to do my best behind the plate. The hitting, it's about good contact, good swings and all that."