If he does a fully Danny Mills we have to pay him ( 30M plus according to Tolmie)If he is forced out of the club against his will, he would be entitled to full contract value, even if he joined another club.
I suspect your scenario is correct only if he agrees to move, and from what was posted in here yesterday, he has no intention of doing that.
But the point I was making is that I don't believe for one second he would do that, he is an England regular and to continue with that he will have to be playing regularly.
IF we get in our targets this window I would think the club will "suggest" to him it's best to go out on loan, with us picking up part of his wages.