Its possible, but not probable. I think the lay off did more harm than good, the fact that he hasnt seen live action in over 3 years will certainly have its effect on him when does finally decide to come back, I think Sam Peter especially, is going to be a real tough test for Vitali if he does in fact come back.
At this point in time, even thought he's lined up to fight the Peter-Maskaev winner, I have to be skeptical. He'll have nearly 4 years' worth of ring rust by the time it happens. He'll be, what, 36 or 37. And he can't undo the injuries he's had, even if he can work through them. Will he even make it through training camp? A prime, fit Vitali would be a dominant force in today's division. A prime, fit Vitali no longer exists.
I'm also skeptical about Vitali being back in shape. I think he will continue to get injured and frustrate everybody around. Yet, I also think that if he could stay healthy for a while he could still be a top-2 HW, only after his brother, and could definetelly beat Peter/Maskaev. He probably trains with his brother, so his skills are not that rusty or lost, he just is past his prime, where he could be a dominant fighter. It's really a pitty he never became the force he could have been, or had the epic battles he would be remembered for. He is an underachiever on that matter, even if it's not his fault. Anyway, even if he manages to come back, it will be for a short stint.
Things are eerily quiet on the Klitschko website, no news on Vitali. That can only mean one thing: healthy, but gun-shy, and still uncertain, day to day, but probably fit as hell and chomping at the bit.:ko He's probably sparring and feeling rather good and keeping his fingers crossed. You won't hear anything from Vitali until after the Pete/Mask fight, even then he will downplay any high profile. But wait for the fireworks in the ring:gun after, that, probably retirement.