Who knows but not signing keeps his options open and thats the point. At this stage that might be more appealing to him.
Not ruling out as a posibility. If he was willing to go abroad afterwards i'd think it would be his best option. Could have a season at madrid or juve or somewhere. Get some silverware. In england i think city would be his only real choice unless utd suddenly got their brick together. Not sure he'd want to play as second fiddle at city or if they'd go for a 31 year old. So there is a good possibility he could stay even if he ran his contract down. Which really reduces the reason of running down your contract, especially as you'd be losing money.