replacing a failed RAID 1 disk in PowerEdge T710

I just received the replacement disk(146GB) for one of the failed RAID 1 disks. I would like to know what's the best approach to replace the failed drive with the new one(same size) now that the hot spare drive (300GB) is being used by the raid. I would like to reclaim the bigger drive and re-assign it as a global hot spare, per the original configuration  Can this be done without taking the server offline?

Here's my config:

T710 server ( 8 disks - 4 X 146GB, 4 x 300GB)

PERC H700 integrated

2x146GB disks - RAID 1

2x146GB disks - RAID 1

3x300GB disks - RAID 5

1x 300GB disk - HOT SPARE

Thank you.