Could it be possible to not make threads about Jiraiya being possible alive because this one has been made various times before?
Jiraiya is lying on the bottom of the lake. If drowning wouldn't be sufficient to kill him, the pressure of the water would have done it for sure.
If for some reason his body could have been retrieved and used for Edo Tensei, Kabuto would already have brought him back. All the Edo Tensei are sealed again and no sign of Jiraiya. Also his strongest attack would have been an incomplete Sage mode and he needs Pa and Ma for that, and I seriously doubt they are willing to help a corpse.
Orochimaru was brought back because he has a loophole. Jiraiya doesn't. Honestly, I would be very disappointed if for some reason he suddenly was brought back to life. Dead people should stay dead, not be brought back later in the story. What's the point of killing them in the first place then?
Jiraiya died a heroic death; it would be an insult to bring him back now.