Now that we’re caught up to speed, there are two ways Djimon Hounsou’s Wizard could factor into Shazam! Fury of the Gods.
With the main villains in Shazam set to be the daughters of Atlas, one of the beings from which Shazam derives his power, it stands to reason he’s connected to them.
However, looking at the actor’s darker hairstyle this time around compared to the all-white hair from the first Shazam! movie, it’s likelier that we’ll see his character in flashbacks.
Although the Wizard also died in the comics, his spirit lived on and would advise Billy from the Rock of Eternity, so perhaps Hounsou’s Wizard similarly maintains a connection between reality and the afterlife.