Pretty much. He is not involved with England any more more because he plays once in a blue moon rather than actually not being good enough. I think he is at least someone like Jagielka's equal and Demichellis was ahead (even when playing crap) because Pelligrini knows him well and likes a defender who can play it out from back. That isn't Lescott's strength.
I reckon we could probably offer whatever Vermaelen is on (assuming Vermaelen left). As you say....how on earth is he going to play football without taking a significant pay cut now. His reservation would be whether he would play if he had one imo.