The SU(4) Heisenberg model can serve as a low-energy model of the Mott insulating state in materials where the spins and orbitals are highly symmetric or in systems of alkaline-earth atoms on an optical lattice. Recently, it has been argued that on the honeycomb lattice, the model exhibits a unique spin-orbital liquid phase with an algebraic decay of correlations [P. Corboz , Phys. Rev. X 2, 041013 (2012)2160-330810.1103/PhysRevX.2.041013]. Here we study the instability of the algebraic spin-orbital liquid toward the spontaneous formation of SU(4) singlet plaquettes (tetramerization). Using a variational Monte Carlo approach to evaluate the projected wave function of fermions with -flux state, we find that the algebraic liquid is robust and that a small finite value of the next-nearest exchange is needed to induce tetramerization. We also studied the phase diagram of a model which interpolates between the nearest-neighbor Heisenberg model and a Hamiltonian for which the singlet-plaquette-product state is an exact ground state.