Now as we know in the new DC 52, Wally so far has not been made acknowledged of. So in light of that fact, I believe the plausibility of his grand return are 50/50 (I do wish it was 100% for certain). See on the one hand we currently have Bart Allen as the Kid Flash, so the need of a Kid Flash is not actually here for the moment, but however in spite of the idea that he may not exist or even be alive, Wally West must exist because of the fact that he was the nephew of Barry, and so Barry is not needed in order for him to exist. Also Iris herself is seeming to be very significant to The Flash series, and since Wally was a big fan of the Flash it will all come together and make a slightly shifted circle.
The fact remains that Wally West is most likely still existent in the DC universe, so that leaves the wonderful possibiltity of Wally returning to our sight.
Now the final question is if Wally West's return was imminent.....then what do we do with Bart Allen? or is it possible that in the new DC universe that there can be two kid flashes, as in one that's apart of the Teen Titans and then the other as the true mostly all of the time sidekick to the Flash?