Thing is if he is going to demand millions in compo then most clubs will just wait for his 24th birthday in August and sign him for free as he is only entitled to compo if signed below the age of 24.
Either that or he will go to a foreign club who could use that money to offer him more lucrative signing on terms
Contract runs out end of June, come and "train with us to maintain fitness" during preseason, then as soon as his birthday passes he gets an even juicier signing on fee/wages and the Posh get nothing