If I had to bet on this, then I would have to bet no. Do I think he can get back to No. 1, sure - just look at how he played last year. But from where he is today (recovering from surgery), I think he has to redo his swing, again, to try and put less stress on his back & knees and I think he will play a reduced schedule, primarily focusing on preparing for majors.
I will say with certainty, that if he were to rise to No. 1 again and win another major or two it would be great for the game of golf - both those who love him and those who hate him are going to watch whenever he is in contention, as well as people who otherwise never watch golf.