Hulk Hogan is not expected to make a return any time soon. WWE currently has no plans him, although it can be assumed that he will make an eventual return when the time is right.
One backstage source speculated that Vince made a deal with Hogan that if he were to get the clean win over Michaels at SummerSlam, he would eventually have to job cleanly to John Cena, prospectively at WrestleMania 22. With Hogan going clean over Michaels, and then Cena going clean over Hogan (after Michaels wasn’t able to), it would help to further elevate Cena. If that was the deal between Vince and Hogan, enabling Hogan to take advantage of his “creative control” stipulation and get the clean win over Shawn, it is unknown whether or not Michaels was even aware of it.
John Cena is clearly seen by Vince as the best chance he has of creating a new top tier draw. Both Batista and Randy Orton are seen way lower than Cena in the eyes of Mr. McMahon.