We noted a couple months ago that Ric Flair revealed on an edition of his WOOOOO Nation! podcast that WWE officials wanted Shawn Michaels to come out of retirement and work the 30 man Royal Rumble match this year. Flair added that HBK is happily retired at home and is not interested in wrestling another match.
According to PWInsider.com, WWE officials are still interested in bringing Michaels in for WrestleMania 32, and want him to be a major player at the event in his home state of Texas.
This is pure speculation but it seems like a possible role for HBK could be the special guest referee for Roman Reigns vs. WWE World Heavyweight Champion Triple H, as an actual match for HBK is very unlikely. We noted before that WWE officials want Batista to appear as a special referee but he turned the offer down.
HBK has acted as special guest referee twice in recent years, once for Triple H vs. The Undertaker at WrestleMania 28 in 2012 and for Randy Orton vs. Daniel Bryan at Hell In a Cell 2013.