It would have to be critical and the money achieved by canning something else.
AFAIK Hawk T.2 OSD is still 2040 so I presume no money will have been considered yet - and the expectation would be UAV platform dominance and quite likely participation in a multinational training programme for the few FJ pilots required.
I would assume any replacement could only be seriously considered if it were contractor supplied (owned or leased), LM doesn't make one - its failed T-X bid was a partnership with KAI for the T-50
Beyond the M-346 what are the options unless the UK was to accept a supersonic trainer? Resurrecting the HAL/BAES Advanced Hawk? AERALIS - Babcock France has recently signed a deal with them.