If Austin returns it is unlikely it will be full time

[Mikey]

Although nothing major came out of his meeting with Vince McMahon, sources inside WWE claim Austin and Vince are on decent terms and that a return to the company is far from out of the question.

However, it is not likely that Austin will ever return as a long-term regular character. If he does return, it is expected it will be in "Mick Foley fashion" (excluding the Orton feud), where he'll appear for a few week stint leading up to a guest referee or enforcer gig. WWE may bring him in for an even longer period of time than the aforementioned schedule, but due to the fact that Austin's character generally requires in-ring wrestling to be truly successful, WWE simply cannot find use for him in a long-term regular role. Because WWE's major angles almost always include in-ring wrestling, and since Austin is very strict about how his character is used over the long-term, both sides generally accept the unlikelihood of a regular role.