There is a socket.on('disconnect', function () { ... });.
So you can just do
socket.on('disconnect', function () {
    setTimeout(function () {
         //do something
    }, 10000);
});
EDIT 1:
I get it now. So maybe you should do something like this:
Client:
//right after connection
socket.emit('register', localstorage.getItem('gameUniqueId'));
//somewhere, when game starts
var randomlyGeneratedUID = Math.random().toString(36).substring(3,16) + +new Date;
localStorage.setItem('gameUniqueId', randomlyGeneratedUID);
Server:
io.sockets.on('connection', function (socket) {
    var player = null;
    socket.on('register', function (data) {
        if (data !== null) {
            //there was something in localstorage
            if (game.Players.existsUID(data)) {
                player = game.Players.getByUID(data);
                player.disconnected = false;
            } else {
                //timed out, create new player
            }
        } else {
            //localStorage is not set, create new player
        }
    });
    socket.on('disconnect', function () {
        player.disconnected = true;
        setTimeout(function () {
            if (player.disconnected) player.delete();
        }, 10000);
    });
});