For what it's worth, Hwang has confirmed that the American Recruiter was not shown primarily to set up a future spinoff. Instead, the cameo was meant to show that the end of the Korean game did not mean the end of the societal problems that brought it about.

Cameos from past characters in Squid Game on Netflix can be quite difficult given the nature of the show and that basically all of the players die except one until there's a winner. However, it's still possible for the writing team to get creative to bring back a fan-favorite,