Just simple, if you use this plugin, rel=nofollow and target=_blank will be inserted automatically, for all the external links of your website posts, pages or theme menus. Also you can set exclude domains, not to add rel=nofollow for the selected external domain links.
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Wating for your valuable feedback/comments.Ques. Can i exclude domain not to add rel=nofollow? How can i add domain names, for those links i don't want to add rel=nofollow? Ans: Yes now you can exclude domain names. Please go to WordPress Admin Panel -> Settings -> NoFollow ExtLinks, and follow instructions. Ques. Does this plugins works for custom post type content? Ans: Yes it does.;
Here is the Nofollow for external link wordpress plugin download link you can download and install to your Wordpress blog
The plugin adds a title and a rel="nofollow" checkbox to the insert link popup box.
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Just strikes out nofollow links via CSS3 selectors.