WiFi is Off and Greyed Out and Bluetooth is Unavailable

Checking the suggested similar WiFi question and answer did not help.

Checked the Apple answer also did not do any good.

Have checked the 4th Gen iPod Touch and it has the most up to date iOS 6.1.3.

Then tried to Restore to Factory Defaults. Unfortunately that did not do any good.

The WiFi setting is NOT GREYED OUT and is set to OFF.

However when you enter WiFi Settings the option itself is Greyed Out (Can't turn it on).

After following a Restore to Factory Default nothing happens.

In addition to that the Bluetooth is Greyed Out and lists as Unavailable.

Checking with the owner and was told that it was dropped into water which caused this issue. Don't thing it is the cable (WiFi Antenna cable) that got damaged, but maybe the MLB got fried when it got wet so the WiFi/Bluetooth Chip fried? Can this be repaired or will it require a new MLB?

Will the replacement of the WiFi Antennae fix this issue and what can I do to test and check what needs to be done to fix this?