4 Arrowverse heroes who definitely won't be back in Superman and Lois season 4
Green Arrow
I know there are a lot of people out there who would like to see the godfather of the Arrowverse return one more time. It would be pretty poetic for Oliver Queen to make one final comeback to be there for the final season of the final shred of the Arrowverse, but it's probably not going to happen. After all, that's exactly what his role was in The Flash's final season when he teamed up with Barry Allen one last time.
The thing that makes a cameo appearance from Oliver quite plausible is the fact that he is The Spectre; his powers are limitless and he knows of the existence of the new multiverse (he birthed it, after all), so it would make sense if he just randomly showed up. A couple of lines of dialogue would explain it, and fans would certainly suspend their disbelief if it meant one more Arrowverse crossover.
We also know that there is an Oliver Queen on Superman and Lois' earth, as John Diggle referenced him in the first season, so there is always the possibility that Stephen Amell could cameo as that version of Oliver instead.
But it's not going to happen. Stephen Amell was just recently cast in the Suits: LA pilot and Superman and Lois is understandably focused on bringing its own story to a close, so introducing The Spectre and the multiverse could muddle up everything. And it isn't really necessary when Oliver had his big Arrowverse send-off in The Flash - which is really the true final Arrowverse show.