Op, it seems that you has already started an emotional affair!! An emotional affair is worse than just fucking a stranger in the bathroom of a local bar.
No one EVER talks about their coworker, saying that she/he is very dear to me and that she/he is a part of my life. That's only the way people talk about their spouse, children, and close relatives.
Op, would you just watch from the sidelines, while your wife talked and texted several times a day with some man? And if your beloved wife told you, that this handsome man is just a very dear friend of your wife, and that your wife contact him several times a day and she has no intention of stopping contact?? And someday you just realise, that your wife don't talk to you much anymore, but instead talked to this very good male friend of hers?
Do you now understand how INSANE your writing sounds to an outsider? Let alone to your wife, the wife you claim to love. Almost in the same breath, however, you write very clearly that you do not respect your wife at all, nor her feelings! Wake up!! You are just trying to make excuses so that you can still keep your "beloved friend".
If you really love your wife, you will stop all contact with this woman in your free time. And even at work, you only talk about work matters. I pity your wife. I hope that you really love your wife and make the right decisions.