No, he's not coming back to the Jets, now that they have Mark Sanchez to sell some PSLs. But Favre could be back in NFL circulation at some point this summer now that the Jets have released him from the reserve/retired list.
This means that if he decides to come out of retirement, he can sign with any team and the Jets would get no compensation. They also would not be on the hook to Green Bay for any compensation to the Packers should Favre sign with Minnesota and be back in the NFC North division with the Packers.
In a statement released by the Jets, general manager Mike Tannenbaum said, "Brett requested his release some time ago. He has not indicated any desire to return to football and he remains retired. We wish him the best."
In that same statement, Favre said that Tannenbaum and Favre's agent, Bus Cook "have been talking about this for a while. Nothing has changed. At this time, I am retired and have no intention of returning to football."
We've heard that before, Brett.