As of right now, Cody Rhodes still has not signed with WWE. Following his AEW departure, it sounded like his return to that company was imminent, but the deal appears to be far from set in stone. It's unclear what the issue is, but Dave Meltzer is reporting in the latest Wrestling Observer Newsletter is that Rhodes is holding out in an effort to get the best deal possible.
He knows they need as much star power as possible for this year's two-night WrestleMania - especially with lower than normal ticket sales - but there's also a theory floating around backstage that he's playing the "Brian Pillman game" with the company.
Pillman worked WCW into legitimately releasing him so he could play up his "Loose Cannon" character, competing for ECW at the time to add to that. However, as a free agent, he then created a bidding war between WCW and WWE in an effort to make as much money as possible.
Meltzer also notes that if WWE is able to sign Rhodes, then he'll be squaring off with Seth Rollins. Should talks between the former AEW star and WWE fall apart, it's hard to say what will happen next for Rollins, especially with the Show of Shows right around the corner. This also doesn't give WWE much time to build the match, but signing Rhodes would be an undeniably huge deal for them.
We'll be sure to keep you updated.