Hard to say. That panel of Fukurokuju walking away from the battlefield suggest something fishy with Orochi. Fukurokuju being based on one of the seven lucky gods of the same name. He was known to revive the dead. That could point to Orochi coming back.
However, I can't think of where he can fit in the current story. I find it pointless to bring him back just to be killed by the heroes. If that were the case, he should've never been killed. I originally thought he'd escalate the stakes by threatening Wano immediately, but Kaido's already done that by lifting Onigashima.
The ingredients for his return are there. But the purpose is still lacking.
And if he does come back to life, what happens to his devil fruit? Besides Brook who's powers only activate upon first death, we've never had a case of a devil fruit user dying, then being revived. Doesn't the fruit power immediately regenerate into a new fruit? So Orochi would theoretically be without powers.