Depends what his objective is though.
It's clear he's just a squad member here with minimal playing time
Maybe he doesn't even care at this point and just raking in the money. Not every player has the same goals, or their motivation changes as they get older, have different responsibilities in life etc.
He spent a lot of his career in the championship. Now he's the best premier league club, probably earning far more than he once thought he would. Its understandable why someone may want to cling onto that at the expense of playing more football. Its a relatively short career. You may only be an injury away from retirement or a couple of poor seasons at another side and you could be back in the second tier.
If he is still here next season, I'd say he's chucked the towel in, in terms of his aspirations of still playing regular football and he is just cashing in on a position he's ended up in here.