The revival of the Sanhedrin is an important step toward the rebuilding of a Jewish Temple. The Bible states that another Temple will be constructed prior to the Lord's Second Coming. References to the Temple can be found in Daniel 9:27, Matthew 24:15 (the Lord's reference to the 'holy place' signifies the altar in the Temple where sacrifices were made) , 2 Thessalonians 2:3-4, and Revelation 11:1.
During the past 20 years, several groups of Orthodox Jews have emerged that are laying plans for the rebuilding of the Temple. Among the activities already in progress by those groups are architectural plans; the training of priests; the development of the various types of incense described in the law of Moses; the breeding of an unblemished red heifer (discussed in detail in Numbers 19); and the manufacture of garments for the high priest and other priests. [You can view these items online at www.templeinstitute.org].
At this time, there is very little interest in the construction of a new Temple at Jerusalem. Orthodox Jews make up only 13% of the population of Israel. Most Israelis are non-observant, many are either atheist or agnostic, and most tend to hold the Orthodox in contempt. In order for non-observant Jews to support plans for rebuilding the Temple, it is evident that some significant event must occur. What that event will be is anyone's guess. One knowledgeable observer of events in Israel thinks the event will be the discovery of the Ark of the Covenant. That is at least an interesting possibility. The Ark hasn't been seen since the destruction of Jerusalem by Nebuchadnezzar of Babylon in 589 B.C. Scripture informs us that Nebuchadnezzar had the implements used in Temple worship taken to Babylon. (They were returned years later at the order of Cyrus, a later king of Babylon. Ezra 1:7-11 contains a list of all the items that were sent back to Jerusalem with Ezra). There are many who believe the Ark had been hidden by the priests prior to the destruction of the city, possibly somewhere in the subterranean passages beneath the Temple site.
Whatever form the event may take, the question is not one of if the Temple will be rebuilt, but when. We have the Lord's instruction that when all these events begin to occur (and the clock began ticking in 1948 with the reestablishment of the Jewish state of Israel), we are to "look up, because your redemption is drawing near."