Dutch forward Hasselbaink launched legal action after he was turned away from the club’s pre-season training this month.
Championship side Cardiff opted to release him but Hasselbaink claims he is entitled to a new one-year deal under the terms of his contract, after making 36 league appearances last season.
Now Cardiff say Hasselbaink, who helped the Welsh side to last season’s FA Cup final, should stand by a verbal agreement not to trigger the second year of his deal and waive that condition.
Hasselbaink is now believed to be demanding £750,000 – a year’s salary – from Cardiff, after claiming they have reneged on their offer.
Cardiff chairman Peter Ridsdale will hold talks with Hasselbaink, 36, in Manchester, along with PFA chief executive Gordon Taylor, as the parties aim to broker an agreement to stop the row ending up in court.
Ridsdale said: “Jimmy argues that he has another year on his contract but we know that is not true. When someone tells you their word is their bond, then you do like to think that would be enough.
“At the end of the day we are all professional people and this will be resolved in a professional manner one way or another.
“I’m comfortable with the Jimmy issue and hopeful an agreement can be reached.”