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Mark Rubin (You must login or register to view this content.) has been tweeting about it returning. He said that Infinity Ward have the map ready and are hoping to release it, but the issue is that Activision are still 'on the fence' about it, he also said that if they were to release it, it would be separate from the elite drops and most likely free.

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That is one tweet saying they are ready, there was another one saying that Activision was undecided about it but I can't seem to find it anymore.

One other thing I found when looking at his tweets is that Infinity Ward will be doing a 'Balance Pass' for weapons in a few weeks time, this could be quite interesting and might change the game.

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EDIT:
Mark Rubin has now said that Terminal will "most likely" be returning and they are looking to have it out "soon", it will be free.

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It will probably be coming out for Xbox first because of the contract with Activision.

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Updated OP, he has now said it will be "most likely" returning.

I think a balance pass means that they'll look over the overpowered damage of all the guns :p

Not exactly, the M16 has a slightly slower firing rate, but with a damage increase, would make it way better then the type. Hate those iron sights.