From the MLB Oakland A's site:
I spoke with Mark the Monday before Thanksgiving, and he said he's been throwing pain-free for some time. What he isn't able to do just yet is repeat his mechanics, i.e. find and hold the same arm slot. That's been a struggle for him for a long time; it basically traces all the way back to when he tried to pitch through the shoulder pain that led to his performance free-fall in the second half of the 2004 season with Oakland.
Mark wants to pitch in the big leagues again. He's even spent some time working with Rick Peterson, with whom he routinely butted heads when they were both with the A's. Now that Peterson is Ken Macha's pitching coach in Milwaukee, Mulder can't work with him, but he definitely wants to try a comeback.
He won't, however, try a comeback unless he feels like he can be the Mark Mulder of old -- the All-Star-quality, Cy Young-candidate Mark Mulder. He doesn't want to be a "project" who needs extra time and attention with the coaches. If he can't get to that point by the time he throws for interested teams in late January or mid-February, he'll probably just shut it all down and spend the rest of his days on a golf course.
Would the A's be interested in Mulder if he does come back? Of course. Who wouldn't?
I read that as we shouldn't expect a Moldy signing anytime soon.