Randy Orton is currently off from WWE, shooting The Condemned 2 movie. He was rumored to appear both at Survivor Series 2014, which was from his hometown of St. Louis, and TLC 2014, but ultimately was not used.
Right now, Orton is scheduled to return to live events starting with the big MSG house show in New York City on December 26, 2014. This doesn’t necessarily point to a return date for TV at this point.
He is also being advertised for a dark match 8 man tag for the Dallas, TX Raw on January 19, 2015. That match is being advertised as Cena/Roman/Dean/Orton vs. Rollins/Show/Bray/Kane, which indicates that Randy will indeed be a babyface when he returns.
Whether or not he returns to TV beforehand, Orton is almost definitely going to be part of the Royal Rumble 2015, possibly as a surprise entrant.