Boon has said that isn't the final roster number, so I'm going to pick my top 15 most likely returns (not most wanted). But I'll mention everyone.
The characters I think are most likely to return from MK2011 are:
1. Raiden - Lived at the end and has a lot to make up for. He kind of needs to return, but I hope he's killed off this time.
2. Ermac - Hopefully he follows his original story a bit and goes good.
3. Reptile - Either him or an offspring of his and Khameleon's.
4. Mileena - She's pretty much the female face of the series, so I fully expect her return.
5. Cyrax - As with Ermac, I'm hoping he goes good.
6. Quan Chi - The story has led to him being a major player, as he almost always is. Though he often does this from the shadows, I still think he's one of the most likely.
after that we have Johnny Cage and Sonya. They were really the two final heroes of the story, and Johnny seemed to be getting an interesting story, but we have Cassie now, who could easily take their place. But, since the story is going to span 25 years, and not just skip ahead, they still have a chance of being there, at least in the beginning.
That leaves Baraka (possible), Noob (possible), Sektor (could go either way), Kano (could go either way), Goro (possible boss), Kintaro (unlikely), and Sheeva (LOL Nope) alive.
Rain was completely left out of the story, so we have no idea where he stands. I'd like to see him in this game's story, but wouldn't be surprised at all if he's left out again.
7. Skarlet - Seems likely to me. Considering she was the only new character in the last game, and this new game is planning on having a lot of new characters. It would be nice to see her fleshed out and added to the story.
Then we have all the dead characters. I am going to assume that this time around it's going to be harder to come back to life (though we have a Sub-Zero, but that's a given). So I'm not expecting anyone to come back from the grave unless in a big boss-like way (Lui Kang as main villain maybe?)
Now for the post-MK3 characters:
8. Shinnok - He was seen at the end of last game and so I assume the story will start with that. I was expected him to get beefed up and made into an unplayable boss, but Boon has stated that the big bad will be a returning characters people won't expect, so I'm guessing this leaves him out for that role.
9. Tanya - Fan favorite, and there aren't many Edenians left, so I think she's very likely.
10. Fujin - I have a feeling the gods will be mad at Raiden, and it looks like Kotal Kahn is a god, so Fujin seems like the likely choice to step in and assemble a new band of heroes to take on Shinnok, Kotal Kahn and/or whoever else we'll be battling.
11. Reiko - He is Shinnok's general so I think that gives him at least a chance of appearing.
12. Kai - Would be a good choice for the good side.
Jarek and Meat have no chance IMO.
13. Kenshi - Fan favorite post-MK3 character. He seems very likely.
14. Bo' Rai Cho - Story-line wise I could definitely see him being brought in early to help fight Shinnok's forces.
Other than those two I don't see any other Deadly Alliance characters making it in. Li Mei probably has the highest chances but those are slim. Nitara would fit well with the look of this game (We have a bug lady, an Aztec god and who knows what else, why not a vampire?). Still I don't think she's likely.
15. Havik - My personal favorite new character in Deception and was in Noob's ending so we know he hasn't been forgetton. I can definitely see him returning.
I don't think any other Deception characters will be returning. Ashrah has some potential, but it's slim.
I also don't see Taven or Deagon making a return to the series. I think the game will start MK4's storyline, but deviate strongly from the get-go.
