I would say there is a very small chance of him ever playing in the NBA again. He was a role player when he retired and he turns 40 in a week. I can only think of one other player that came back after 40 after being out of the league for a year (Kevin Willis, in a truly bizarre stint). I don't think that Ray would want to come back if he was going to only play a few minutes a game, which with his defensive and athletic abilities further diminished after a year out of the game, is all I could see any team playing him.
As a point of reference, Jordan made his second comeback at 38.