Firstly and most obviously it needs to be mutual. With over a year left on his contract any payment this year that results in him getting a bigger payment than would otherwise be the case in 2023/24 would not be in the club's interest if we are on the P&S bubble because that means more outgoing this year than if he stays. And if you are a player who has been evidently happy to not be playing why would you leave for less than the full amount?
As for a transfer fee, any time a transfer fee is involved it is by mutual consent so that isn't generally what people refer to when they say a player leaves by mutual consent. Someone wants the player, the player wants to go, the club are prepared to let him go. But it needs someone to want him first and be prepared to offer him a deal that he would be happy accepting (and that is acceptable to the club, after this length of time it wouldn't take a lot in Ward's case).
It won't do us much good but, frankly, if he doesn't leave by mutual consent in July I'd be either shocked (you might as well pay him up then and get him out the door) or deeply worried (because it would mean we expected to lose at least one of our better goalkeepers and being concerned about not being able to replace them).