QB Issue Resolution:

This is not possible in QuickBooks Online.

Resolution for Issue 'How do I activate an inventory item after it is deleted or inactive?' available: Yes (Solved).
Source: Intuit Community forum.

How do I activate an inventory item after it is deleted or inactive?: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.

Support for Deleted Inventory
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Error Recovery for Deleted Inventory [Canada]
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Additional Support Options: