Ivory is a restricted free agent after the season, so the Saints can still retain his rights. The Saints' cap situation is so bad, though, that if another team signed him to a reasonable long term deal there is almost zero chance the Saints would match. And since he was an undrafted rookie free agent, the Saints would get nothing in return for him. So if they want to get talent back, the opportunity to do that is to trade him before the trade deadline which is the Tuesday following week 8. At this point, the only way the Saints shouldn't trade him is if they suffer an injury to Pierre Thomas or Mark Ingram before week 8. If both players are healthy when the team comes up to the deadline, then it's time to roll the dice and make the trade because Ivory is not helping the team.
There's been talk of the Cardinals, Lions and Packers approaching the Saints in the last few weeks about Ivory's availability and this article was posted just yesterday suggesting he's on the trading block. So #29's time with the Saints could be very limited. Do you see the Saints shipping him out in the next few weeks?