No...

HELL NO!

Hogan can't even pass a physical, and he is well beyond the point where he could put on a passable match.
Even the best guys the WWE has in terms of carrying opponents to a good match wouldn't be able to save Hogan.
On top of that, there is nothing in it for anyone aside from Hogan getting a paycheck.
Nobody wants to see Hogan versus Cena or anyone for that matter.
Ten years ago, maybe. Not now.
WWE needs to focus on the new stars, moving ahead into the future with the developing talent and stop focusing so much on ancient relics that can't hang up the boots.