No. Why give the other woman that level of respect?
To approach her is like saying the huband didn't make the "choice" to cheat.
The wife needs to "check her huband" and find out if they want to work things out or move on. If he's "serious" about making amends he will bend over backwards to get into his wife's good graces. He'll drop kick "the other woman" so fast her head will spin. On the other hand if he is not truly sorry about what took place he may act "powerless" or "weak" when it comes to getting his house in order.
Lastly the wife has to do some serious introspective thinking to figure out if she can REALLY forgive her husband. (Most people jump to forgiveness as a reflex because the thought of ending the marriage and learning about the affair is too much to process all at once.) As time passes the (anger) returns even if their spouse has done everything possible to get back on track. Suddenly "forgiveness" seems like a "free pass" which can possibly lead them to do some "revenge cheating." Others keep throwing the affair into the spouse's face until he or she decides to cheat again or leave. You have to really know yourself when it comes to having the ability to forgive and rebuild trust in someone.
My advice is if you learn your mate has cheated on you to take a "time out" for one to two weeks. You need that time to determine if you can ever get over it. (This only makes sense if the cheater is sincerly asking for forgiveness and is willing to do whatever it takes). To forgive someone who is not (honestly sorry) for the pain they cause you is not so much "forgiving" them as it is "not loving yourself".
Having said that each of us is entitled to have our own "deal breakers". If cheating is not a "deal breaker" then continue to work on the relationship.