I read an article (or maybe it was a tweet) that said Polian knows he would still be eligible, but is concerned that it may influence his vote. He needs 80% of the vote to be enshrined, and if it's perceived that he is returning to the NFL, some voters might abstain and wait to see his full body of work when he retires "for certain."
Obviously getting into the Hall Of Fame is the highest honor you can receive, and I would completely understand if he didn't want to upset the apple cart on his chance at NFL immortality.
Don't wear out the F5 key just yet. February 2nd is most likely the Magic Monday (guessing). Keep in mind he never told the Buffalo News he wasn't coming to Buffalo, he only said is isn't going to be there Monday and that he will be with ESPN for weeks. If you still haven't heard it, listen to his answer on Sirius radio. All he had to do was say "NO," but instead he gave an unconvincing 30+ second song and dance.
A few other thoughts and speculations - I don't think for a second he would be coming here to replace Whaley as GM. My guess would be as an advisory or to possibly (hopefully) take over Brandon's job as Team President. I think all of us would agree that Brandon should be kept away from football operations.
And for those that think this is far-fetched, remember LaFontaine and Nolan. When that rumor surfaced it was far more ridiculous than this scenario, especially considering the NHL season was just getting underway. I nearly drove off the road when they announced that both of them were returning. Not only is this scenario plausible, but it fits Pegula's past MO of bringing back local heroes. Or, maybe it really is just wishful thinking.