Google's Gary Illyes said that the part of the Penguin 4.0 algorithm where sites impacted by Penguin 3.0 will recover is now rolling out, as we speak. He said the recoveries can take a few days but sites should soon begin to see recoveries if they took the necessary steps to clean up their link spam.
Gary said this in this Twitter post:
Someone asked him if there are recoveries yet, which we saw close to zero recoveries, and Gary said it has started now and will take a few days to fully roll out those recoveries.
This doesn't mean your site will recover but the demotion will be removed, but those bad links will not count. So it will continue to feel like a demotion, unless you acquired quality links over the past two years.
Sites hit by Penguin 3.0 may start to see recoveries soon and over the next few days.
For more on Penguin, see our Penguin area.
Forum discussion at Twitter.