Junior Seau, who has played in San Diego his entire career, has been given permission by the team to seek a deal.
Wannstedt indicated a trade with San Diego would be unlikely, but Miami would more likely try to sign Seau after June 1, assuming he is let go in a salary-cap move.
"If and when a player of his caliber is possibly attainable, I just feel like we need to cover our bases and be in the loop on what might happen," said Wannstedt, who spoke with Seau last week by phone.
"That's where it's at. There is nothing specific that needs to be said or that I'm going to say because there's nothing to report."
"I think he would bring a lot to the team with his intensity and will to win," Pro Bowl defensive end Jason Taylor said. "But my job is to rush the passer. It's up to Dave and those guys to bring in the talent."
Said Wannstedt: "Some of the things he's done and the things he's accomplished, they don't happen by accident. I think his passion for the game [is outstanding]."
"We know he's not where he was at 10 years ago,'' Wannstedt said.
"I believe he can still play and win," Wannstedt said. "There's no question he can play outside. He's got it all. At his age, I think he still has enough of the instincts and ability. If I didn't think that at the end of the day that he makes us a better team we wouldn't have an interest, and that's what it comes down to."
The Dolphins are unlikely to trade for Seau, at least before April 15. Seau is due a guaranteed payment of $2.7 million at that time and has a base salary of $3 million for the 2003 season.
"From what I've been told, it's a pretty sophisticated contract that [agent] Marvin Demoff put together with the Chargers," Wannstedt said. "So I don't see a trade being able to work for us. It sounds like at some point he's going to be let go."
"We don't have much money at all (relative to the $75 million salary cap)," he said. "If this were college recruiting, we would be at the point where we would be offering a good education."
Wannstedt, Dolphins Interested in Seau
BoltsReport Top Stories
Dynasty RB RankingsHeath Cummings looks at the crowded backfields created by the NFL Draft and reveals his updated Dynasty running back rankings.
State of the Broncos: Tight EndsMile High Huddle brings you State of the 2017 Broncos — a position by position evaluation of the roster. Today's edition focuses on the tight ends. Carl Dumler examines.
Mile High HuddleYesterday at 1:46 PM
Robertson named to Biletnikoff Watch ListCal freshman wide receiver Demetris Robertson joins elite company on the Biletnikoff Award Watch List.
BearTerritory.netTuesday at 10:06 AM
QB Checklist: Trevor Siemian's Path To StartWhat does Denver's underdog quarterback have to do to win the starting job?
Mile High HuddleMonday at 1:06 PM
Fantasy Football News: July 17Senior Fantasy Football Expert Adam Ronis looks at the most interesting news across the NFL today from a Fantasy perspective!
Scout FantasyMonday at 11:49 AM