Arenas will return?
At the end of the gameplay trailer, you can see Ash saying "Pay attention", with clips from maps and weapons select screen.
Forum Discussion
Yes! Arenas will return as an LTM, mostly because people asked for it (And they finally did it!), so they're going to test engagement to see if it's worth bringing back as a mode. With a few tweaks, but regardless, I'm already super happy it's coming back!
More info regarding it, here: https://www.ea.com/games/apex-legends/apex-legends/news/prodigy-game-updates
Also some more info can be found here: https://www.reddit.com/r/apexlegends/comments/1kcauir/s25_prodigy_digital_preview_event_notes/
Featured Places
