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The transfer can't be completed unless both player and club agree with all the terms. Simply put a player won't sign a contract to go elsewhere if he still has time left on his contract and he still wants to stay, and also it works the other way - if a club doesn't want to sell a player and he still has time left on his contract, they don't have to sell him.

Ashley Cole's contract runs out in June 2007. Arsenal don't have to agree to sell him if they don't want, but obviously most clubs will sell want-away players even if they are still wanted by the club for the good of the players careers and the club itself. Players can't discuss moves elsewhere until they get permission from their current club either.
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