Reza Pahlavi, the exiled son of Iran's last shah, remains outside the country nearly five decades after the 1979 revolution, with prediction markets assigning low probabilities to his entry by near-term 2026 deadlines. His public statements emphasize readiness to return as soon as conditions permit—even prior to full regime change—and to lead a transitional government if the Islamic Republic collapses, citing plans developed amid 2026 instability including reported Israeli and U.S. actions and the death of Supreme Leader Ali Khamenei. However, no verified entry has occurred, and he continues diaspora diplomacy, including a March 2026 CPAC appearance, July Reuters interviews on transition goals, and an August 2026 Canada visit invitation. Security risks, lack of regime collapse, and coordination challenges for any return sustain trader consensus on low odds, absent major shifts in Iranian control or verified travel plans.