I think it is very likely he is going to be sold at a low price, and very unlikely he will sign extension.Unfortunately I think the most likely scenario is he is just going to play one more season and leave on a free, which is the worst of all possible outcomes.
Toby is likely to ask for big pay raise as this is likely his last good contract. Due to his age, he less attractive to teams with other better options. He is now left with Levy and some mid table teams with ambitious investors. Levy will not as is not Spurs policy to give fat contracts to 30's players. Chinese will not as they typically only buy foreign midfielders and strikers.
He will likely join a club smaller than us but with bigger pay cheque