It's laughable, at best, that he has no leverage. If they try to trade him to someone he doesn't want to play for he's simply going to make it clear that he will not show up and that the team will be wasting their time. TO was able to get out of going to Baltimore, even after he was traded there, simply because he refused to show up. San Fran had to take him back and then trade him to where he wanted. That could just as easily happen in this situation. No one is going to want to trade for a guy who won't show up. Look at how well that worked out for Tampa Bay when they traded for Jake Plummer, despite knowing he didn't want to be there, and the guy simply up and retired on them.
So they Packers aren't going to be able to just trade him anywhere. If they want the trade to ultimately go through, and get their compensation from another team for the trade, they're going to have to trade Favre somewhere that he wants to be.