Not imminent, but certainly on the table. Anytime a hostile nuclear power flexes against US/NATO interests, a sub-optimal outcome is threatened. Also, the Franz Ferdinand effect.
I don't think the Franz Ferdinand effect is operative anymore. The effect was mainly predicated on the great powers all making secret betrayal deals behind each other's backs, and powers that should have been talking to each other not actually talking to each other.
Things like the UN, the UNSC, and NATO go a very long way towards rendering the Ferdinand effect irrelevant. If, instead of signing a secret deal with Russia to backstab Germany, France were already allied with Germany, Great Britain, Poland, and Austro-Hungary, war would probably have been avoided entirely.
Germany's greatest fear, totally justified, was being caught between an imperialist France and an imperialist Russia. Their solution was to smash France first, then pivot to Russia before the bear was fully awake. They weren't expecting Great Britain to get involved, because like I said it was all secret deals and people not talking to each other. I don't really see a similar dynamic unfolding today. Though, between Biden, Macron, and Johnson, I suppose I shouldn't be too sanguine about the possibility.
Historically, the next big move should be Germany's. But I think we'll end up skipping all that and just go straight to Russia invading Poland.