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Banuelos, who was sidelined for most of 2012, will undergo TJ surgery on Thursday.
Considered the top pitching prospect in the Yankees' farm system going into the 2012 season -- and named the No. 29 prospect overall by Baseball America -- the 21-year-old Banuelos only appeared in six games for Triple-A Scranton/Wilkes-Barre before succumbing to injury.
The left-hander posted a 4.50 earned-run average and a 2.20 strikeout-to-walk ratio in his 24 innings of work before being shut down in mid-May because of elbow problems. The Yankees initially hoped that resting the left-hander would allow him to return to the mound late in the season, but his rehab timeline was pushed back to winter ball in August.
With the recovery process for Tommy John usually taking 12 months or longer, Banuelos is very likely to miss all of the 2013 season, but may be able to return for fall or winter ball late next year.