You can limit file size to 10MB and set max arhive files count to 1:
<target xsi:type="File"
name="file"
layout="${longdate}|${level:uppercase=true}|${logger}|${message}"
archiveAboveSize="10000000"
maxArchiveFiles="1"
archiveFileName="${basedir}/log_archived.txt"
fileName="log.txt" />
When file will extend 10MB, it will be archived, and logging will continue to new file. When new file will extend 10MB, it will replace archived file. So, you will have two files - current and archived.