His return comes amid record-low ratings for WWE's flagship show in recent weeks.
According to Marc Middleton of WrestlingInc.com, only 2.194 million households watched this week's Raw, which marked the lowest viewership in the nearly 26-year history of the show.
That number was down from the previous week's total of 2.285 million that set an all-time low.
WWE's greatest success came during the late 1990s and early 2000s during a time period known as the Attitude Era.
McMahon was one of the company's biggest on-screen stars during that era as he feuded with "Stone Cold" Steve Austin and many of the other top babyfaces.
While McMahon's on-screen presence has waned significantly in recent years, he still makes sporadic appearances, and they usually create a major buzz.
McMahon seems acutely aware of Raw's issues since Intercontinental champion Seth Rollins cut a scathing promo on Monday's Raw that saw him blame acting Raw general manager Baron Corbin for the show's shortcomings.
Corbin is scheduled to face Braun Strowman at Sunday's TLC pay-per-view, and Corbin will either become the full-time GM or lose all GM powers depending on the result.
McMahon's appearance may be related to that match, or there could be something even bigger in the works.
This year, WWE held the Superstar Shake-up after WrestleMania, and several Superstars switched brands.
WWE's announcement noted that McMahon is arriving on Raw to "shake things up," which figures to lead to some speculation that the Superstar Shake-up may come a bit early.
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