According to a recent article from "la opinion de malaga" (Freeland plays in Malaga for people who forgot it), freeland's agent would welcome a new and improved contract between his player and Malaga's team (unicaja is the name of their sponsor).
The new contract would provide him a better salary and other advantages, and set a new buy out for 2,7M€ (about 3M$).
He has two years left on his current contract.
More to read in this article (in spanish though).
If Freeland insists on staying in Europe, i think the Blazers should really consider trading his rights. It's not really smart from his agent, moving to Portland in 2012 would grant him the playing time and role he wishes. He might not have the mindset to play in the NBA though, which would be a pity.