Manny is owed $19 mil next year, $18 mil in 2007 and $20 mil in 2008. The team has $20 mil options for 2009 and 2010, which they obviously won't pick up.
I'm not sold that dealing Manny would be a good thing. I'm not sure what combination of players you could sign for that money that gives you the consistent production that Manny does. You'd probably be able to get 1 front line starter and 1 mediocre slugger. $20 mil just doesnt go as far as it used to.
I just don't think there are any better options out there. Obviously if you could move him and there was a chance of signing somebody like Vlad, you'd do it, but there are very few players in MLB that can replace Manny's bat.