FWIW I think he's a very good CB at Champ level and we'd be unlikely to get a better ball playing one if he leaves. Him and Bindon would be an interesting partnership, although they wouldn't frighten many CFs. Him and JLT just doesn't work.
That all said, the club has suffered previously from not managing players' expiring contracts well enough, and a glance across the city should be cast to see the worst case impact. Therefore, even though the timing is far from ideal, if the player has indeed indicated he won't sign an extension and the club receives what they feel is a suitable offer, I think it should deal.
I assume replacements/additions are already lined-up and just need to button to be pressed.