Can a low lying placenta return to normal?

It is possible.
At 20 to 27 weeks of gestation, or mid-pregnancy, the placenta will continue to migrate over time. Therefore, a low lying placenta found in the middle of pregnancy often changes as the placenta migrates. A low lying placenta diagnosed in mid pregnancy may migrate to a normal position and return to normal in late pregnancy. The diagnosis is most often established after 28 weeks of gestation as the position of the placenta can change with the progression of pregnancy and labour.