When it comes to pro wrestling, you never say never. If Vince McMahon & Hulk Hogan can broker a deal that's mutually satisfactory, I wouldn't be at all surprised to see Hogan back at some point in time.
As others have said, I think the best thing would be to sign Hogan to a Legend's Deal and use him sparingly. Have him pop up every once in a blue moon for a nostalgia pop, make some public appearances sometimes to promote a big upcoming event or ppv, do some merchendising with t-shirts & posters & action figures, etc. Aside from that, a Legend's Deal frees Hogan up to do whatever other projects or interests he might have. In my opinion, it's just simply the best use of him. We've seen him a LOT in TNA and the nostalgia has long since worn off and he hasn't been drawing viewers for them.
What I have NO interest in whatsoever is to see WWE bring Hogan in and, essentially, do the same thing that TNA has done with him. I don't want Hogan as the center of attention in WWE. I don't want entire shows & storylines to be woven around Hogan as the centerpiece of everything that's going on. I don't want to see Hogan getting in brawls with guys 25 and 30 years younger than he is, and especially getting the better of them. I don't want to see Hulk Hogan wrestle nor am I at all interested in an angle in which it's even hinted that he's going to wrestle. Just like Bret Hart, I have ZERO interest in watching Hulk Hogan participate in a wrestling match if the man can't wrestle.
I might be wrong here but I think a Legend's Deal with WWE, if he's even at all interested in working with WWE again & vice versa, is the only deal that can ultimately work. If Hogan wanted a deal in which he was a regular or if that's what WWE wanted, then I honestly think Hogan would want to be right in the middle of the spotlight and for everyone else in the company to play second fiddle to him. Just have him come on occassionally to help Raw or SD! maybe pop a rating, let him to radio & internet interviews to hype big WWE events, make some money with Hogan merchendise and leave it at that. I think it's the best WWE could hope for because I just don't see Hogan putting anyone over.