A brief announcement, plus the expected rumor and innuendo, is all we have to go on.
There have only been about a dozen people who have won multiple Formula One World Championships. Thankfully the lion's share of them are still among us – names like Vettel, Alonso, Hakkinen, Lauda, Prost, Piquet, Fittipaldi and Stewart. Michael Schumacher is hanging on, but Senna, Fangio, Ascari and Graham Hill have all since departed this Earth. And we're bereaved to report that they'll have company as Jack Brabham has passed away.
A recent report wonders aloud whether the Brabham name is close to a return to Formula One, with family scion David telling a Brazilian outlet "yes, there is the possibility to bring the team back (to F1)." However, the short answer to "Is the Brabham name coming back to Formula One?" is likely "No," and the long answer is likely, "Not for a while."