This will not be an issue, his contract is up anyway
FIFA have already given the ok for the old Rangers players to move on without any reprisals. As for Aluko his contract ended on 30th June so can do what he wants.
His contract has only ended if the Rangers administrators didn't activate the extra two years of it. Their job is to act in the best interests of the creditors, if they saw extending his contract as being a way of obtaining an extra £100k for the creditors when they found a buyer then they would have done that. Even if his contract has been allowed to expire he's only 23 so we still have to pay compensation to his old club (see the below before posting more bollocks about FIFA having cleared them all).
As for FIFA giving clearance for players to move. As I said earlier they have given
temporary clearance for the other players to join other clubs
pending the outcome of the legal action by Green/Newco Rangers against them. That is so that if the players win their case they haven't been denied the opportunity to play. It
is not saying they are entitled to free transfers.
If the courts rule in favour of Green/Newco then they will be due competition from the players (and I woulld expect the players to have agreed with their new clubs that if thre's compo to be paid the new club reimburses them for it). Unless any of them have relegation release clauses in their contracts saying they can go for free (at Rangers in the SPL, I don't think so somehow) it'll most likely come down to tribunals to set the fees. One element to be considered will be any minimum fee releases in the players' contracts. That'll set the maximum compensation.
Then there'll be a dispute (hence the tribunal) about whether the compensation should be based on the value of the contract to the player, or the value of the contract to the club. In normal circumstances those amounts are considered the same as contracts like this aren't allowed to be imbalanced. The problem with that valuation though is that Newco bought the contracts for £1.8M, which was a reduced value compared to what Rangers had paid for them, so the compensation awarded can't return both parties to the position they would have been in had the contracts not been signed. Newco can't be awarded more than they're entitled to, the players can't be left in profit from breaching a contract as it sets a precedent and Scotland acts almost entirely on Common Law so they'll seek to avoid it. (If memory serves even murder has never been made a statutary offence, it's still a criminal offence as in England, but the paperwork that makes it that way comes from archaic test cases not from a government creating and passing a Murder Bill)
In Aluko's case, if the administrators activated the clause we'll have to go through all that. If they didn't activate it then the compensation they're due is predetermined because it would be for academy training. We should get lucky there because he was at Aberdeen so long that they could only claim for 3 of the 4 years as he'd then had the maximum years you can claim for (the rest being at other clubs before he joined them). On the basis he'd already had the maximum, and he hasn't even been at Rangers for a year yet they wouldn't actually be entitled to any.
Oh i would hazard a guess that the 2 year deal will have options for extentions IF both parties are happy with progress.
I don't think it'll even be a case of that. If it's a 2 year deal with an option it will be all on the club's choice. Unless he's been dire we'll activate the extension, then if he's happy he's obviously happy and will stay, if he's not then we'll have done it to increase the fee we can get for him.