They almost certainly will have a chance. Labour won a majority from a low turnout and an election where the opposition was split. More people voted Tory+Reform than did Labour.
If the Tories bring in a figure who can unite the right then Reform are made pointless and much of that vote will go to the Tories.
The real question is whether the votes of those people who voted Lib Dem instead of Tory will be lost forever but I doubt it'll make as much of a difference as the votes lost to Reform.
But Reform voters weren't Tories.
Labour did appear to win some extra seats because of Reform, but they would still have had a huge majority. The significant majority of Reform voters said they'd have voted for other parties, or not voted, if Reform weren't standing.
Unless we get to leave the EU again, I don't see any coalition that brings together a majority of Tories, and a majority of Reform voters.