He's not getting traded, we know that isn't realistic given his issues and the Avs looking at accepting pennies for his services. Termination would have happened by now if the Avs wanted to go that route.
The only chance of this magical cap space is if he gets popped again and his cap hit disappears. Definitely a strong possibility but at that point the Avs are looking at trades not UFA signings to replace him.
Trading I think is pretty much off the table. Nobody is taking on the contract risk unless the deal is incredibly lopsided. Termination can still happen for a number of reasons, but I'd say it is unlikely for this season.
Nuke getting popped again... I'd say there is a very significant chance of that. It was twice within 5 months last year even knowing the consequences of his next positive test... and knowing that teams get tested in the playoffs. He escapes the preseason test, but is still at very least subject to the random team test, a playoff test, and any 48 hour notice test (which for the love of god, he better pass any of those). Players in the PAP tend to have other restrictions on testing too. I would say there is a greater chance that Nuke produces a positive test by the end of the playoffs than him being clean throughout. If that happens prior to the deadline, the Avs can utilize the cap space.