Unless they do a complete teardown and rebuild (possibly in a new location) I don't think they would or even could clone Shanghai Pan as it is now. The ride system is apparently very different. And it appears the building itself is considerably larger than WDW Pan.
I also doubt they'd be able to exactly clone the upgrades from California and Paris either. Those versions are themselves almost identical to one another, however they too have somewhat different ride systems and building layouts compared to the WDW version. For one thing, the ride vehicles are able to stop at the loading area.
Regarding what I feel is at least within the realm of possibility, the best hope for updating WDW Pan will probably be if Disney decides to clone the upgrades made to Tokyo's version of the ride recently. Tokyo's Pan prior to 2016 was an exact clone of WDW. Same ride system, seemingly identical show building and track layout and practically identical scenery. As of 2016 Tokyo Pan went down for rehab and this is what it came out looking like-
The first and last thirds of the ride are very similar to the original, just with some updated effects like digital projection mapping, new fiber optic effects etc. A few cases of buildings being shifted around in the London flyover. The middle scenes with the flight over Neverland island were basically gutted and re-designed. They instead implemented the miniature Neverland island model from the other versions (though the model itself is strange and badly designed, looks nothing like the source material or other Neverland models in the other versions, they should fix that). The scenery with the Mermaids, Lost Boys and Indians are a little different and have new effects. One subtle but very striking upgrade throughout is that they added lit stars shining through the black curtain backdrops like in the other versions. It's a simple upgrade that goes a long way to improving the immersion and atmosphere.
My reasoning is that given the fact that WDW and Tokyo were effectively clones of one another, any hope for major changes to WDW are probably reliant on them cloning the Tokyo upgrades. This would likely be the easiest and cheapest way for Disney to substantially update it. I would be shocked if they went any farther, and i'm skeptical they'd even go that far.