According to PWInsider.com, there is a deal in place for Hulk Hogan to return to WWE and he is expected to sign the contract anytime now.
It's being said that as late as Monday night into Tuesday morning of last week, heading into the WWE Network announcement on Wednesday, there were plans in place to announce Hogan's WWE return along with the Network, and WWE's TV department was said to be aware of Hogan's return and were preparing his reveal. At one point, mentions of Hogan were written into the script that WWE used for the teleprompter at the Network announcement.
As for the reason why WWE decided against announcing Hogan at the Network, a source within WWE noted that announcing Hogan's return at the same time as the Network announcement might have overshadowed the Network news, and 100% of the focus that night needed to be on the new Network.
It is expected Hogan will be playing some type of role at WrestleMania 30, however that role is currently unknown.