When the nWo was formed, it was formed under the star power of Hulk Hogan.
Unfortunately for the WWE, there is no one that can provide that for a potential revival. (The only guy capable of bringing star would be John Cena. But we all know Cena turning heel is as likely as a Hornswoggle title run.)
The most heavily rumored members of the new group are Kevin Nash, The Miz and R-Truth. As I said earlier, Nash is just a shell of his former self.
The Miz is a top heel, but his character wouldn't really fit into a group atmosphere. And lastly, Truth is Truth. The guy might be the most entertaining person in the company, but nobody has ever bought him as a huge threat.
Back in 1996, the nWo had Hogan, Nash and Hall. Hogan was the biggest thing in the business and the Outsiders, Hall and Nash, were viable stars at the time.
Don't get me wrong...I love Miz and I think R-Truth is great. But those two would work much better as a tag team rather than the second and third members to a potential nWo faction.