I think the only contract we've extended from this kind of position in the last 6 years is Theo Walcott who most certainly will not be a target for Chelsea and PSG.
Waiting until the summer is the oldest trick in the book. Players that want to stay are perfectly able to sign a contract between August and May and what a fucking almighty boost it would be for the rest of the season if it was announced before tomorrow's game that he'd signed on for 4 years? Probably far more beneficial than the distraction of talking about a deal mid season would be detrimental.
They'll be on international duty until the end of June, then they'll be on holiday until mid/late July, then it's 5-6 weeks to get everything sorted. In the the meantime I'm sure his agent will be working overtime.