Take half of the distance between the endpoints of a diagonal of the rectangle.
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There is only one such circle for a rectangle. If your rectangle has sidelengths $a$ and $b$, then the length of the diagonal (by the Pythagorean theorem) is $\sqrt{a^2+b^2}$. Since the diagonal is a diameter, the radius is just $\dfrac{\sqrt{a^2+b^2}}{2}$.
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While pythagorean theorum works well for enclosing a square with a circle and predicting the diameter, I am concerned that it does not work for a rectangle where the hypotenuse is not perpendicular to the tangent of the circle at its end points. Is this a valid concern?
Take half of the distance between the endpoints of a diagonal of the rectangle.