Offensive line, especially left tackle, is an exception position when it comes to age because great players can have a long career there if their bodies hold up on them.
For example ..
Andrew Whitworth is 40 years old. He is also one of the NFL’s best tackles.
https://www.washingtonpost.com/sports/2021/12/17/andrew-whitworth-longevity/
Whitworth isn’t the first 40-year-old to start an NFL game somewhere along an offensive line, but it’s not a long list. Rams legend Jackie Slater, a fixture at right tackle from 1976 to 1995, did it. At 43, Ray Brown started several 2005 games for Washington at right guard, including a pair of playoff contests that made him the oldest NFL lineman to appear in the postseason. Hall of Famer Bruce Matthews ended his 19-year career by making the Pro Bowl as a 40-year-old center for the 2001 Tennessee Titans.
I would not want a 40 year old linebacker, but a 40 year old offensive lineman who is still a solid player is another story.
His highlight film from last year with the Bears shows he can still play that position, so whether Peters works out or not, he is worth a shot.
Worst case they release him and go with the young guys or sign another left tackle or guard.