source: Wrestling Observer Newsletter
Arn Anderson was recently approached about coming out of retirement. The original idea called for him to wrestle in one or two TV matches where he'd team up with Ric Flair to help market the Four Horsemen DVD. Triple H was the main person pushing for it, as was Stephanie McMahon.
Anderson was positive about the idea, but due to legal liabilities to the company in case he was injured with the pre-existing condition, it won't happen unless there is a medical clearance.
When the idea got out, the idea got out of control, to the point it was talked about him becoming a player/coach on RAW, similar to Finlay on SmackDown. The idea is that Anderson and Finlay are about the same age, and Finlay was out of action for several years, came back, and ended up being one of the best workers in the company.