We use a slave-boson approach to study the band renormalization and pair susceptibility in the normal state of iron-based superconductors in presence of strong Coulomb repulsion and Hund's interaction. Our results show orbital selectivity toward localization of xy orbitals and its interplay with superconductivity. We also compare the recently proposed triplet resonating valence bond theory of superconductivity in Iron based superconductors with the more conventional s± pairing and show that both favor a superconductivity when the xy orbital is delocalized.