It depends on your definition of 'improves'.
Is he going to continuously be at the business end of every tournament/slam he enters? No, those days have passed. I think most reasonable people can agree on this.
Is there a chance that he has one more moment of glory (like Pete Sampras at the 2002 US Open)? Yes, keep in mind, Djokovic still made the final at the Australian Open and semis at Wimbledon. Pete was losing in the first and second rounds of every tournament he was playing in 2002 before he won the US Open.
Just as easily, though, Djokovic could come out in 2027 looking like a shell version, like Federer in 2021. Then, we will know for sure that it's over.