Depends on what was licensed:
An AM daytime-only station is dead, once deleted. FCC will not license new daytime stations.
An AM fulltime station might be revived, but would have to wait until an AM window is opened. AM stations are engineered in by showing the new station protects the contours of existing stations. In other words, when the protected contours of co-channel and adjacent channel stations are drawn out, there is a "hole" available for a new station where those protected contours don't overlap. In the intervening years (perhaps I should write "decades") other stations may take advantage of the deletion to improve their facilities. Thereby eliminating the "hole" that the deleted station once occupied. Like pulling out a dead bush, and coming back years later to find the surrounding bushes have grown into that space.
A non-commercial reserved band (88.1~91.9) station, once deleted, may also be gone forever, if surrounding stations can expand their facilities. Like AM, these stations are engineered in based on protection to the contours of existing stations.
A commercial FM station operates on a channel "allocated" to that community. Unless a special request is made to delete the allocation, it will be available for new applications when a window is opened for that station. Some stations have been "grandfathered" at higher power than is normally available for the class of station, that status would be lost when the station's license is deleted. This can happen to licensed stations, too, if they lose their tower or transmitter site. E.G.: WPAY-FM (now WNKE) Portsmouth, Ohio.