I think it was Jim Bowden on Bickley and MJ today who said that if Arizona asked for that, Texas would hang up. LOL.
It does kind of seem like a pipe dream, but Texas would be stupid to not listen to this proposal.
The reason Texas would consider the deal is the uncertainty of Josh Hamilton's future. It is not likely they'll be able to retain him and might lose him next year to a team like the Yankees because he is going to command something around $20mil per season. Texas already has a ton of money wrapped up in other big contracts.
Also, the overall health of their outfielders is poor. David Murphy, Josh Hamilton and Nelson Cruz are all prone to long-term injuries. Cruz has never played more than 128 games in a season and Hamilton has only played more than 133 games once in a season.
Beltre is not expendable with how well he is hitting (.325) and cannot be moved anywhere else on the field. Plus, Olt won't be a for-average hitting player (think .260-.270 in the bigs), so it would be highly unlikely down the road that he would supplant Beltre. That being said, the most valuable role he could play for the Rangers is a trading piece to address other needs.
I would be happy with the deal even if it only involved Upton for Olt (with hopefully another prospect coming to us).