Megalon would fit perfectly into the MonsterVerse, his original origin of being an ancient creature that was worshiped as a god by an ancient underground civilization would easily fit with the idea of the Hollow Earth and mythology of the series. Unfortunately, I don't think he's well known or popular enough to be on Legendary's radar.
Gigan seems like the most obvious choice to appear in a potential future installment due to the fact that the series has already established the idea of alien titans, that and GvK made a few references to alien conspiracy theories which makes me think they may be setting up the idea of more aliens in the series. Seeing an updated version of his design would be awesome.
Anguirus could possibly show up, King of the Monsters made a few references to him with a skeleton being located outside of Godzilla's lair and a moment where you can actually hear his roar. Concept art for the unused monster, Rokmutul, also took heavy inspiration from Anguirus, so we know that he's definitely on Legendary's radar.
Destroyah makes sense as a future villain, due to the Oxygen Destroyer being used in KOTM, and while he isn't too well known to the general public, I think audiences would have no trouble embracing his design.
Hedorah, would be a great addition, an updated version that emphasizes how creepy and disgusting it is could work really well.
Titanosaurus NEEDS to return to the series (and no, "Godzilla Aquatalis" doesn't count!)
Biollante would be an interesting choice for the series. Since a lot of creature movies have a focus on genetic engineering, Biollante could be a good way of introducing that idea of biological man-made titans.
Orga is one of the more unique aliens in the series so it would be cool to see him full return to the series (No, the 2 second "still image" cameo in Planet of the Monsters doesn't count as a "full return")
Giant bugs like Kumonga and Kamacarus probably wouldn't show up due to the fact that they aren't really unique designs and the MonsterVerse already has a lot of giant bugs (specifically spider-like ones), so it wouldn't be worth buying the rights to use them.
It wouldn't be worth getting the rights to use Gorosaurus either, considering that his design is a pretty basic outdated theropod dinosaur, the only thing that's really unique about him is his "kangaroo kick". The fact that a recent Coca Cola ad featured a dinosaur that looked nearly identical to him and Toho seemed to have no problem with it is pretty telling.
Not going to lie, I think it would be kind of funny if we actually saw Zilla show up (maybe as a relative to Godzilla's species), it would be interesting to see the old "American Godzilla" in the series with the new one.