UUIDs - is it possible that they can be reused

I am curious about UUIDS.
So, assume that I have few design objects in an application. And consider I delete an object (maybe a rule), now this object is gone.
Let's say the UUID of deleted object was "delUUID".

Now, I create new design objects. Other team members may also create new objects. And they will have different UUIDS.
Is there a possibility that the UUID of deleted object ("delUUID") be reused?
The answer to this will depend on how the UUIDs are assigned to new design objects when we create them, and whether UUIDS are recycled.

It sounds unlikely that UUIDS can be recycled - but could it happen?
In my opinion, UUIDS are 128 bit, so there are exponentially huge number of permutations - and we have a huge pool of UUIDS to allocate from - so its not possible to run out of UUIDS.
But, still could an old UUID get reused? How likely is it?

OriginalPostID-251557