Medel is wanted by Inter Milan and discussions have been continuing regarding a reported initial loan deal for the Chile international, with a view to a permanent arrangement.
Reports in Italy have claimed that Medel is expected to finalise his move to Inter in the next 48 hours after spending just one season at Cardiff.
There have been suggestions that Cardiff want £10million for Medel and Solskjaer is adamant the player will only leave for the right deal.
"We have made it clear, we want our price or we want Gary," said Solskjaer after Saturday's 3-3 draw with Wolfsburg. "But we do expect an announcement to be made soon."
Mutch, meanwhile, has been linked with Queens Park Rangers and Sunderland, and the midfielder was left out of the friendly with Wolfsburg.
Solskjaer added: "There has been interest in Jordon this week and he took a knock in training, so I left him out."
The Cardiff manager is also focusing on new signings and is trying to bring in a centre-back to replace Steven Caulker, who was sold to QPR.
"We are looking to bring in at least one centre-back and there is progress," said Solskjaer.
"But I can't tell you any more about any deals until we are over the line. Hopefully we can announce something very soon."