No it wouldn't if we'd be getting £40m and he'd be going to Real Madrid or PSG or something. Its nothing short of a disaster for this club if we'd have to let him go to Chelsea for like £25m. Jose would get the best out of him and would bring him in his 09/10 form playing as the lone striker, the link up play they'd get with Hazard and Oscar involved would be enough to have Chelsea out do us for the next couple of years with Rooney as their main man. People on here would get suicidal to see such a thing happen.
He is a good player, he is an important player and we aren't in a postion we can sell him for a decent amount of money to a foreign club because his contract is running out, Rooney doesn't want to relocate and the interest from the continental clubs that could afford him is very low if not unexisting. Our options are very limited, or we lose him for nothing next year, or we let him go to Chelsea or we do as he whishes and cough up the £50K a week extra and give him the armband, and if I look at the players this season, Rooney is probably the guy most deserving it anyway. If any players deserve a pay raise, its him, De Gea, Jones, Januzaj and perhaps RVP.
Beside keeping these players in a time where we are struggling , are in danger of losing out on CL football and already will need to replace half a dozen players in the summer (Vidic, Evra, Rio, Nani, Kagawa, Hernandez etc) its unwise to let go of your best and (one of the few) performing players we have in the team.