Absolutely not. The only good outcome for City is selling him in the summer.
Look at how much the mood and team performances have improved since his departure led to a detoxifying of the dressing room. With his personality, even if he came back with the appropriately apologetic attitude in place, it would only be a few months (at most) before his attitude reared its ugly head again and we'd be back to square one. Unless, of course, he got favoured over others continually again, disadvantaging people like Ake and Grealish who've benefited from him not being on the pitch. Obviously that would be totally unfair and would reignite team factions.
There is no way back for Cancelo at City, and the club would be intensely stupid to allow it.