he is probably alive, and if so; then it is most likely that he will come back with Hamura's chakra. I know he has a part to play, since he knows about Kaguya (if you see the anime for today, you will see where he said that all shinobi problems came from the Hyuga royal family) and he also know the infinite tsukyomi and its weakness (when he tested it in naruto movie 6: road to ninja)
However, he might be dead but Kishi might also be keeping him so that Kakashi can get his 2 sharingan eyes