We reported yesterday like many other sites that William Regal contract was up in the air and was due to expire in a matter of months per the Wrestling Observer Newsletter.
Dave Meltzer said on Wrestling Observer Radio in regards to William Regal,

“I would just say that when his contract is up, it would not surprise me. Tony Khan can make him a better offer, but it is certainly something that’s been discussed, I will say that.”
“His contract [William Regal] is not up for a long time. I mean, I think it was only a one-year deal, but it’s not. I don’t wanna give a date, I was told a date, and it might be wrong, but it was still several months away.”
“I’ll put it this way. He’s not going back this week unless Tony lets him out of his contract. I mean, and I suppose, I don’t know, that’s a bad precedent to set, but maybe for William Regal he’d do it, because Regal’s not going to be a wrestler if he goes back there, and he may not even be on television, he’ll probably be an office person.”
“I’ll put it this way. It’s certainly something that’s up in the air. It’s not a non-story. That’s probably the best way to put it right now.”
William Regal UPDATE FROM DAVE MELTZER
Whilst Meltzer did state that he thought the contract as only a one-year deal, he has recently tweeted to correct this, writing:
“A correction from last night’s show regarding Regal’s deal. Based on what he said when he signed, his deal signed last spring was for three years.”
This obviously makes an imminent return to WWE much less likely, unless, as Meltzer previously suggested, Tony Khan lets Regal out of his contract.
A correction from last night's show regarding Regal's deal. Based on what he said when he signed, his deal signed last spring was for three years.
— Dave Meltzer (@davemeltzerWON) November 28, 2022