Gandalf answered this for us.
Quote:
Concerning this thing, my lords, you now
all know enough for the understanding of our plight, and of Sauron's. If he
regains it, your valour is vain, and his victory will be swift and complete: so
complete that none can foresee the end of it while this world lasts. If it is
destroyed, then he will fall; and his fall will be so low that none can foresee
his arising ever again. For he will lose the best part of the strength that was
native to him in his beginning, and all that was made or begun with that power
will crumble, and he will be maimed for ever, becoming a mere spirit of malice
that gnaws itself in the shadows, but cannot again grow or take shape. And so a
great evil of this world will be removed.
Other evils there are that may come; for Sauron is himself but a
servant or emissary.
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So no I don't see that Sauron will ever rise again. But other evils exist in Middle-earth that may arise what they are I do not know or speculate.
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“I wish it need not have happened in my time," said Frodo.
"So do I," said Gandalf, "and so do all who live to see such times. But that is not for them to decide. All we have to decide is what to do with the time that is given us.”
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