Pretty much this.Somewhat puzzling considering his current contract included a 12 month extension option for the club. The only reason to offer a new deal would presumably be to offer a lower salary than the existing option included.
If he's willing to stick around on a fairly low wage, perhaps boosted with appearance bonuses, that might be fair enough. But all the reports on the net have him currently on 150-160k a week, which places him as the 8th highest on our roster. That's obviously ridiculous based on what he's provided over the last few seasons nevermind what he would be expected to provide over the next few. Of course, even a 'low' wage for us is about 75k which really isn't that low at all.