I heared the problem was not his contract with Chelsea, but his affiliation to the English FA.
Mutu is still bound to the english FA, because he appealed to the FA tribunals against Chelsea, because of the fact he was fired. I think he wanted some kind of compensation (you can't just terminate a contract like that) but Chelsea argued he didn't have right to claim one because he made a serious mistake (taking cocaine), which gives the right to an employer (Ch€£$k¥) to fire him.
The appeal hasn't been judged yet, so he is yet to be released as a player.
Anyway, I fear we might have to pay some kind of compensation to Ch€£$k¥, but certainly nothing (not even near) like 10mill£!!
Well, that's what I heard, I'm no expert. and I'm sure Juve's and Ch€£$k¥'s lawyers are already on the case.