POST Wrestling is reporting that Vince McMahon is expected to start a storyline with Pat McAfee and it will conclude at WrestleMania 38. Brad Shepard first reported earlier this week that McMahon was considering returning to the ring. The story has also been confirmed by John Pollock.
Pollock stated that a source with knowledge of the situations said that McMahon would be doing something at Mania and whatever is planned would "most likely" be billed as an official match. It was announced during Friday Night SmackDown that McMahon would be appearing on The Pat McAfee Show next Thursday.
The 76-year old McMahon hasn't wrestled since his 2010 match with Bret Hart at WrestleMania 2010. The last major physical thing he did was a few years ago when he took a headbutt from Kevin Owens. He also bad a brawl, but not an actual match, with CM Punk in 2012.
Just speculating here but perhaps, this might just be McMahon announcing Austin Theory vs. McAfee with McMahon at ringside. It's hard to imagine McMahon taking bumps but anything is possible.