According to ProWrestling.net, rumors that Booker T was very close to re-signing with WWE, and most likely would have returned to the company at The Royal Rumble were true.
However, negotiations fell through between both sides and an agreement was never reached.
The reason seems to be that Booker T was demanding a much lighter schedule, including tat of participating in less house show events. Booker T was asking for a schedule like Shawn Michaels got but WWE would not agree to the terms.
Source: ProWrestling.net
