From Deadline:
TL;DR: Feige is talking to Horn about reinstating Gunn in the wake of the cast's support and the goodwill behind Gunn.
In addition:
Might there be a glimmer of hope for change of heart in the quick banishment of Guardians of the Galaxy director James Gunnfrom the Magic Kingdom? Nobody is talking about it, but sources said that back channel conversations are taking place between Marvel Studios and Disney. Sources said the Marvel contingent is trying to persuade Disney to explore a compromise that might bring Gunn back into the fold for Guardians 3, something that clearly would be best for the franchise. There is no clash or strong arming here. I'm told it's a discussion that comes in the wake of the whole cast declaring their loyalty to Gunn, whose abrupt exit has put a thriving film franchise in a rocky place. One would have to label this 11th hour approach to be a long shot, but the community is talking about it.
TL;DR: Feige is talking to Horn about reinstating Gunn in the wake of the cast's support and the goodwill behind Gunn.
In addition:
It seems clear what is best for a film franchise that will become damaged goods for the next director. Some have posited that the precocious Thor: Ragnarok's Taika Waititi as a perfect fit, but what principled filmmaker will feel good about taking over in such circumstances?