According to sources, Shawn Michaels is expected to be out of action for the next several months and possibly until July unless plans change. He is taking the much needed time off to let his bad knees heal up. Michaels has not been on the road with WWE since WrestleMania 25. He stated in a recent interview that he plans to take even more time off following next year's WrestleMania when his contract with WWE expires.
At the moment though a return at Summer Slam on August 23rd looks more likley.