We could cancel his contract.
Short term could rove exspensive, but long term?
Long term it'd cost us the exact same as keeping him at the club, as he'd be entitled to every penny of his contract. Unless he agreed to take a reduced rate of course, but why would he?
The only other option is to let him go on a free.
The trouble is, if he decides he can't get a better contract elsewere he won't agree to leave on a free.
I am hoping he will decide he still wants to have a future playing football so will agree to a move to a new club and a pay cut but who knows what the guy is thinking.