the only problem is orochimaru coming back would not have made jiraiya evil of course, it makes no sense, also if it trully is jiraya than why is it a *he* instead of a regular he ?
it could have referred to naruto changing in a different way if jiraiya would not have died, that would make sense
edit:i just realized that * * are used to express words that the character is focusing on when speaking, the *he* was indeed probably Jiraija, i was overthinking things