[V8i] Any way to re-link a Field to a different element?

I'm doing some area documentation and using text with Fields to keep track of some of my areas. Down the road, the background linework is going to change, and the shapes will probably need to be recreated.
Is there any way to re-link that already existing text field to the newly created element, or do I have to go through and place all the texts over again?

Thank you.
MaryB
MSTN v08.11.09.829