The latest in negotiations between Hulk Hogan and WWE is that while no official deal has been signed, both sides are still talking, and as far as WWE is concerned, they believe he will return to the company and have some kind of involvement at their WrestleMania XXX event in April.
As far as wrestling an actual match, WWE does not feel that Hogan will be able to, as the feeling is he will be unable to pass the required medical tests needed in order for him to be cleared to compete. This would rule out Hogan vs. John Cena, or even the rumored Hogan and Cena tag-team match.
As of right now, the feeling is Hogan will end up doing a run-in on a heel during the event and cut a promo of some kind.
[Credit: Wrestling Observer Newsletter]