He has a decent chance for a variety of reasons:
1. He's HERE and he's actively courting the Kings by playing in the summer league, practicing with team members, etc.
2. He's a fan favorite. While that in and of itself isn't always enough, when you combine it with some of these other things it becomes important.
3. He's a role player who knows his role.
4. He's a role player capable of fitting the roles we need on the Kings.
5. He's cheap.
6. He wasn't traded away because of problems, etc. He was thrown into the deal for Webber to make the numbers match.
7. He's HERE. (I thought that was important enough to mention twice.)
Depending on what else Petrie has up his sleeve, I can't really see a downside in bringing Matt back to the team.