Despite his character's death in Mission: Impossible - Fallout, Henry Cavill could still return for Mission: Impossible 7 & 8 next, and he's repeatedly teased the possibility that Henry Cavill could return as part of the latter film.
Henry Cavill made his franchise debut in 2018's John Lark, as Cavill's character appeared to suffer a gruesome demise.
Mission: Impossible - Fallout seemed to give Walker/Lark a definitive death scene, as a giant hook impaled his skull and sent him falling off a mountain into the fiery wreckage below. However, McQuarrie's repeated teases that Henry Cavill could return in Mission: Impossible 8 could mean that this scene isn't quite as it appeared. Cavill's Mission: Impossible 8 return could happen if the sequel utilizes the franchise's exceptional trick masks. Walker got an up-close look at these masks in Mission: Impossible - Fallout when Benji Dunn used one to pose as Solomon Lane. Knowing that a confrontation with Ethan Hunt was surely in his future, Walker could've made one of his own face. It is then possible that one of Lark's Apostles received the mask and swapped placed with the real Lark during Mission: Impossible - Fallout's ending. This would be a big retcon but provide a believable in-universe explanation for how Henry Cavill can return that doesn't involve an actual resurrection or a more bizarre rationale for his survival.
Using Mission: Impossible's patented face masks to explain Henry Cavill's Mission: Impossible 8 return would make sense, but there are other possibilities as well. McQuarrie could come up with any explanation he wants, which includes leading into some more ridiculous elements of technology and the spy genre. However, based on how the franchise has maintained a relatively grounded nature over the years, the simplest explanation would be best. That would seem to be involving the face masks in some fashion, which would allow Mission: Impossible 8 to reveal the real John Lark never died and Ethan fought one of his lackeys instead.
Although McQuarrie still hasn't confirmed that Henry Cavill will return in Mission: Impossible 8, it wouldn't be the most surprising turn of events at this stage. It does still beg the question about whether or not the sequel should bring him back. The franchise hasn't included a lot of fake deaths in this style before, which has helped maintain a high level of stakes and realism throughout escalating action. Ultimately, the explanation that Mission: Impossible 8 provides would go a long way in determining how audiences respond to seeing Henry Cavill again.