Kevin Owens is rumored to have been told that he'll likely be ready to go by February, but WWE may not use him again until after WrestleMania 35.
Raw is struggling right now. Monday night's show was a marked improvement, but that's only when directly compared to the two that came before it which were dreadful. WWE even tried something out this week in the form of Seth Rollins trying to pin the poor ratings on Baron Corbin. Nice try WWE, but we know who is really to blame.
Vince McMahon and the creative team are up against it right now. That's due to all the injuries being suffered on Raw. Roman Reigns is out indefinitely as he battles leukemia, and even if Braun Strowman does make it to TLC this weekend, he will only be playing a limited role. Other stars such as Sami Zayn and Kevin Owens also currently have no return dates.
That technically isn't entirely true. It was reported on a recent edition of Wrestling Observer Radio that WWE is expecting to have KO back by late February 2019. Owens has been absent for a while, taking a break so that he could undergo knee surgery. In fact, he revealed via social media that he actually had surgery on both knees at the same time.
Even though it currently looks as if Owens will be back within the next two months, WOR also reported that WWE is currently leaning towards holding off bringing him back until after WrestleMania 35. While that may seem strange to some, it is a common practice. Exactly the same thing was done with Finn Balor when he returned from his shoulder injury in 2017.
If all of the above is true, it also suggests WWE currently has an idea of where it wants everyone to be at WrestleMania 35. That all of the matches are booked, for now. The chances of all those matches staying the same between now and April are zero. Wrestlers will get injured and Mr. McMahon will change his mind and change it back again about 50 times. As of right now, though, KO will not be competing at WrestleMania 35.