I agree with the plan to wait.
Though offering less, I don't see how that would work. I think his price is vaguely affordable, because he's injured and just had an indifferent season.
If he gets himself fit, plays and scores, the big boys then come in and price us out.
They haven't done that yet. It's now a matter of who blinks first - and who would you pick in your team for a game of who blinks first?