As mentioned, depends on the alternative. If they think there's a C in the draft to target (in rounds 2-4, say) that fits the system then that's the primary option. Secondary is moving another current lineman there, third a low-priced free agent that fits their mold, and last resort is overpaying for Wendell. We've seen this time and again here...Wendell is above-serviceable and a good player with some bursts of great, but if you list the guys that have been rendered expendable by BB over the past decade-plus, paying a over 80% market price for Wendell when you think you can get the same production for half the cost doesn't fit the MO.
Personally I think regardless of how the rest of this year goes he will get an offer from somewhere over what the Pats consider his value to be and he's "probable" to be gone (and I do think that value is well south of $2M/yr...he was signed for 3/$2.5 before 2011 and I think anything over 3/$4M at this point would be too much with what you can get a rookie for), and they'll invest in a 2nd-4th round pick in a rook center, and/or move another current lineman there and let them battle with the rookie for the starting C job.