It appears pretty likely at this point that not only will Hulk Hogan not be competing in an actual match at WrestleMania XXX, he may not be involved physically in any form or fashion.
The latest word coming out of WWE is that Hogan was examined by their doctors and as a result, the decision was made not to use him in a physical capacity whenever he returns to the company officially.
Additionally, there is talk in WWE that the company may debut Hulk Hogan, along with several other big names, at the WWE RAW show on February 24th. The 2/22 RAW is the night after Elimination Chamber and the night that the WWE Network officially launches.
(Credit: Wrestling Observer Newsletter)