There was some chatter about a potential return for Pederson to the Dodgers, coinciding with speculations about Hernández and Justin Turner in the earlier months of the offseason, but nothing has materialized since then. The Dodgers let Pederson go at the end of 2020 and redirected that freed up money to acquiring Trevor Bauer. The slugger struggled with the Cubs and Braves in 2021 before going to the Giants, where he seemed to be making strides again in 2022, accepting a qualifying offer to stay with the team before his performance dipped again in 2023.
Pederson is mostly a DH at this point. He made 79 appearances at DH for the Giants in 2023, with some sprinkling back in the outfield. The Dodgers don't have a need for a DH or outfielders after their offseason additions, which nips a Pederson return to LA in the bud. Besides, his production did wane in 2023. Even if it wasn't a severe dip, it was worse than any of his earlier years with the Dodgers, and with the way things have unfolded for the team this offseason, he just doesn't fit into their master plan anymore.
However, other teams are very much in need of a capable DH. The Blue Jays have expressed interest in him, and MLB Trade Rumors proposed the Nationals as his next destination. He's only 31, so he has some years left in him, and he'll almost certainly be scooped up by someone in the coming weeks.