Absolutely not. The 11-inch MacBook Air had large bezels and a 16:9 screen. Apple will never bring back a laptop this size. People are missing the point here.
Just look at the dimensions of the 11-inch Air compared to the other MacBook Air models. It simply does not make sense.
| 13-inch MacBook Air (2008 original model) | 11-inch MacBook Air (2010) | 13-inch MacBook Air (2010) | 12-inch MacBook (2015) | 13-inch MacBook Air (Retina model, current) |
Height | 0.16-0.76 inch | 0.11-0.68 inch | 0.11-0.68 inch | 0.14-0.52 inch | 0.16-0.63 inch |
Width | 12.8 inches | 11.8 inches | 12.8 inches | 11.04 inches | 11.97 inches |
Depth | 8.94 inches | 7.56 inches | 8.94 inches | 7.74 inches | 8.36 inches |
Weight | 3.0 lbs | 2.38 lbs | 2.96 lbs | 2.03 lbs | 2.8 lbs |
The size of the 13-inch MacBook Air was reduced over the years, even though the screen kept the same size.
The 12-inch MacBook is sort of a spiritual successor to the 11-inch MacBook Air. It is slightly smaller in nearly all dimensions, save for depth (due to the 16:10 screen ratio). The screen size in the 11-inch model is, in fact, 11.6-inch. I am not sure if the screen of the 12-inch MacBook is exactly 12-inch, but I assume so. An 11.6-inch 16:9 screen and a 12-inch 16:10 screen have about the same width (the 12-inch been only slightly wider). But the 12-inch screen is considerably taller, which results in a 12.5% larger area.
So, by reducing the bezels, Apple managed to put a 12-inch 16:10 screen in a form factor that is slightly smaller and considerably lighter than the 11-inch MacBook Air.
Now just look at a picture of the 12-inch MacBook. It has some quite large bezels compared to the brand-new 14 and 16-inch MacBook Pros. In fact, the screen of the 12-inch MacBook (assuming it is really 12 inches) is 10.18 inches wide and 6.36 inches high, while its body is 11.04 inches wide and 7.74 inches high. Bezel size would be 0.86 inch x 1.38 inch.
The bezels of the 12-inch MacBook could be significantly reduced. Just look at the new 14.2-inch model. While the 14.2-inch model has a tricky screen ratio, I will assume it is around 1.54:1. It would result in a screen 11.91 inches wide and 7.73 inches high. Its body is 12.31 inches wide and 8.71 inches tall. It would result in a bezel that is 0.4 inch x 0.98 inch.
If a 12-inch MacBook could have this bezel size, it would be even smaller. But, looking at the 12-inch model, the size of the keyboard would make it impossible to shrink it even further. So, in order to reduce the bezels without shrinking the keyboard and making it less comfortable, Apple would have to increase the screen size.
A 16:10 12.5-inch screen would be 10.6 inches wide and 6.62 inches tall. The bezel size, considering the dimensions of the 12-inch model, would be 0.44 inch x 1.12 inch. So, it would be possible to increase the size of the 12-inch model to 12.5 inches and still have bezels larger than the ones in the 14.2-inch Pro model.
My take is that Apple may release a brand new MacBook Air next year to replace both the 13.3-inch MacBook Air and Pro. This new MacBook Air could have a larger version, with a 14.2-inch screen similar to the one found in the smaller Pro, and a smaller version, with a 12.5-inch screen or something similar. Apple could even release a 16.2-inch version, which would make a lot of sense, considering that the current larger Pro model is heavy and expensive compared to other large laptops available in the market.
In any case, due to the reasons above, I do not see an 11-inch model, or even a 12-inch, as a possibility. These screen sizes simply cannot fit the size of the keyboard and still keep small bezels.