As soon as I saw this thread title, I just instantly shook my head, so I'm guilty as charged for commenting.. damnit!
To answer the question, unless two clubs strike a deal, then yes, every player in theory, "returns" to their parent club, and depending on what was accomplished, they go from there..
On the back of what Loki has said, he's done nothing, but back into some CBs, win a few headers, score 1 goal (as many as Borini) and get 2 lengthy injuries. West Ham aren't going down, so they'd be front runner along with Newcastle. WHU would have to pay 18M if they want to keep him, Newcastle would probably offer 15M at best, which makes us look stupid, but what can you do..
As for Andy "returning", like really returning.. not happening. I will say both from my perspective and a little magical elf who whispered in my ear. Andy, will never be an LFC player again, unless Sam Allardyce or Tony Pulis are hired, and if I'm wrong, I will take Armchair on a trip around the world with Sheik Mansour on his private Jet, trying to convince him to buy LFC for 800M, spending another 300M and then I will take a loan from the bank to lay out for the 80k stadium *if they find the room..