If it's true about a new contract, I'd guess they're going to extend for one year so that there's still 3 to run at the end of this season - having only 2 years to run reduces a player's value by quite a lot. 2 years is the tipping point where the power starts to move to the buyer rather than the seller.
I think it would all be with a view to letting him go after this season. 3 years to run means Liverpool still have the power, and I've no doubt the carrot dangled to get him to sign is a proper release clause this time.
If you guys pull this off it will be a very good move in my opinion. Sort of win-win as well - if he has a sh*t season or gets injured a lot, the buyers won't be there and you'll probably end up keeping him long-term (and you know he has the quality to bounce back from one crappy season). If he has another great season, obviously it helps you guys in the short term with results and it also ensures someone will probably trigger that release clause at the beginning of the next off-season, giving you guys a huge stack of cash and plenty of time to spend it.
Obviously Suarez thought this all happened one year ago LOL get a new lawyer son!