Of course. No problem.
We speak to his agent and tell him a d his agent that we don't see a future for him at the Lane and will be actively open to reasonable offers from a buying club this summer.
We then wait to see if any offers materialise. If he is not as piss poor as your suggest, then I'm sure there will be numerous offers arriving.
Alternatively, if he is actually as piss poor as everyone who has a pair of eyes, or who has ever seen a football match, and who isn't insane will testify, then the offers may not be as plentiful. If that scenario arises, then we may have to right off the transfer fee we paid and give him away on a free with the proviso that the buying club picks up his contract.
Failing that, if he really is beyond shit (he is) then we may have to pay off pary of his contract just to get rid of him off the wage bill. Not ideal but if it gets the unless sod off thr wage bill and saves un money in the long run then it still makes sense. Obviously this is the worst of tbr three options available.
Suggestion enough?