EXIT RE-ENTRY VISA EXPIRED

My wife's re-entry /exit visa expired in Jan 2020. Now it cannot be extended on ABSHER. Is it possible to get new re-enrty/exit ? Iqama is valid. Is it possible to apply for visit visa?

Already answered you on private message.  Neither of what you suggest is possible as she has an iqama, is outside the Kingdom and has an expired ERE already.  Go to Jawazat to manually extend the ERE (or ask your sponsor for help as they might be able to extend through Absher business) and if there are any penalties, pay them.

Visited Jawazzat to check the status of expired visa they said it expired in January so it cannot be extended. It means new visa will be issued.
What about the Old visa it will be automatically cancelled when I apply for the new visa ?

The old visa doesn't exist anymore as it has expired.  They will just issue new one.