He can be nominated, but in reality, he probably won't. He can't even telecast in. The Academy isn't going to like a star that can't show up, the studios aren't going to like a star that can't be seen at the Oscars, etc.... Also the Oscar voters tide, and the Oscar Board of Governors were mostly in the Rock camp, so....
Also, he's on the same banished list as Weinstein, Cosby, and Roman Polanski, so it's a hard one to live down. They banned Richard Gere, Susan Sarandon and Tim Robbins for simply being political during the show for a few years, so they're not going to let a slap off easy.