It’s been quite a while since Luffy defeated Kaido once and for all, but in all that time, the former Emperor’s official status has never been confirmed. Although we saw him in Wano’s magma chamber and never to be seen after it erupted, most fans presumed he was dead.
Like in any Shonen series, however, if a body isn’t found, the character isn’t dead. Kaido was never seen again after that in One Piece, so there is a slight chance of the villain returning. But can even the Strongest Creature in the World survive a volcano exploding?

There hasn’t been a hint of Kaido’s existence ever since then. Even Oni Child Yamato’s Golden Harvest Surrogate Pilgrimage fails to mention a whisper of him. His survival is essentially the Schrodinger’s cat of One Piece. It’s up to your interpretation unless there’s proof.
Kaido’s assumed death also suggests that his Devil Fruit, Uo Uo no Mi, Model: Seiryu, has been reborn somewhere in One Piece’s world. It’s a rare Mythical Zoan-type and was a Celestial Dragon treasure. How have the World Government and pirates not been actively searching for it?
Eiichiro Oda has possibly forgotten about Kaido’s Mythical Zoan Fruit, or he has magically survived
Eiichiro Oda has written that once a Devil Fruit user dies, the Fruit is reborn somewhere else. Portgas D. Ace’s Mera Mera no Mi was paraded as a prize at the Corrida Colosseum, explaining that it had been reborn and found by Donquixote Doflamingo.
This is a canonical system that the mangaka has written in, so why doesn’t it apply to Kaido’s Devil Fruit?
The World Government wouldn’t openly announce that they are searching for the Devil Fruit, but pirates definitely would. Pirates in One Piece are reckless, but we haven’t had even one vying for it, despite the immense power it would grant the new user.
The best explanation for Oda breaking the Devil Fruit system is that Kaido is indeed alive and thriving. There is a slight chance he could’ve escaped the magma chamber using Kaen Daiko, since it does grant him greater control over his fire.
He is meant to be indestructible, and it would be in character for him to survive a volcanic eruption. It would, however, be entirely unnecessary for One Piece to introduce him back into the story since he has already done his part.
The only reason Kaido should come back is to reluctantly ally with the Straw Hats for the Final War if a fight against Imu and the World Government is in the cards. This could give him the warrior’s death he wished for.
Did Luffy really kill Kaido, or is a surprise in store for us?
One Piece is in the Elbaph Arc and moving on to new antagonists, the God’s Knights. Kaido’s time is over, and he would be out of place. However, we don’t know what Oda has in store for future arcs.

It’s highly unlikely Kaido survived the magma chamber, especially in his near-death state after fighting Luffy’s Gear 5 form. On the off chance that he did, fans believe he might return with his Devil Fruit awakened and on Luffy’s side of the Final War.
We possibly won’t know Kaido’s status anytime soon. The only hope is Yamato’s side story that’s been on for quite a few chapters. They are father and son, so hopefully, we might hear some confirmation about the former Emperor soon.
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