Baraka is my absolute favorite MK character, been that way since MK2. Honestly, I think his chances of being in are slim...but, I have a couple of theories of why he would make it in.
Comic Spoilers Ahead
So, one plot of the comic involves Mileena in a civil war with Kotal Kahn. Kotal Kahn's lieutenants are D'Vorah and (maybe)Ferra/Torr. I think Mileena's lieutenants will be Baraka and Goro. Whether or not this is the case will remain to be seen.
Another theory I have, although it is a bad one, is this: the Mortal Kombat facebook has been posting various pictures lately a lot of which are fan works from the MK Kollective. Among the pictures they posted were fan works of Kung Lao, Kitana, Baraka and Noob Saibot, and this was back before Quan Chi was revealed. Well, Kung Lao and Kitana are in. Probably just coincidental, but it's a theory nonetheless.
A few theories as to why he would not make it in the game, the major one is that he's probably just not popular enough when weighed against other MK characters. But, my personal belief is that Kano(specifically the Cutthroat variation) sort of serves as the closest thing to Baraka in the game in terms of gameplay. I've thought of three Baraka variations that I feel would make him unique enough to set him apart from the rest of the cast, but who knows what he'll have should he actually make it.
I sincerely hope Baraka returns for another go-round, but I'm thinking he probably won't be in.