First, the Master (in "The End of Time") was last seen being pulled back into the time-locked Time War with the rest of the Time Lords. Second, in the 1963-89 run of the show, Time Lords very rarely met each other out of sequence—as they'd need to do for the current Doctor to meet a younger Master. "Very rarely" doesn't mean "never", though. It might be possible for them to meet as you suggest but we've no way of knowing whether they ever will. We can't know what's going to happen in future episodes and it'd spoil the fun, if we did (which is why spoilers are called spoilers). The Master didn't break the rules of time by surviving, he just escaped the time lock
P.S. The Time Lords have never been said to have been "erased from time". They're locked away within the Time War and can't (normally) be reached by time travel, etc. -- but that's not the same as having been erased.