I believe the city denied it. The Cubs will build a new ballpark, but it will not be in Wrigleyville. There's too much hassle with trying to renovate and/or rebuild in the same location. Ricketts tried to get the city to go along with a renovation plan and they said no, so the next step will be looking for another site for a ballpark. Ricketts can say he tried, it won't make people like it any more but at least he can say he did something to save Wrigley.
I am a huge Cubs fan and have been to Wrigley numerous times and would love nothing better than to see it be the Cubs' home for the rest of eternity. At some point fans like me have to detach the romantic, nostalgic part of their brain from the logical side. Whether they rebuild Wrigley where it is or somewhere else it still won't be the same. The costs and complexity of trying to rebuild/renovate Wrigley would be sky high, and even with a remodel the Cubs would lose a lot of revenue potential vs another site not stuck right in the middle of a neighborhood.
I hope that the city would keep Wrigley there and not tear it down completely if the Cubs moved. Time marches on - Yankee stadium is gone, Tiger stadium is gone...things don't last forever.