The One Ring was made by Sauron and he was a
Maia, so nothing less than a
Maia would do, I guess - unless there was a new Fëanor somewhere in the West.
From the LotR it's quite easy to see Gandalf would not be up to the task. The way he is able to defeat his enemy of the same level is trough other means than championing on might and power.
And clearly the LotR states Saruman was not up to the task.
Valar I think could intervene, but as a good catholic I think master Tolkien let it to more frail hands to undo it - and that's kind of the beef of the matter.
But if you wish to entertain a scenario where somehow the elven rings are freed from the spell of Sauron I'm afraid you'd need a
deus ex machina, a divine intervention (Valar or Eru himself), or the advent of a greatest elven smith ever into the ME...
It doesn't seem likely any characters of the ME would be up to the task as Tolkien's universe looks like the good old "fall from paradise" myth where every generation is weaker and farther from God(s) than the previous one.
Maybe Tom Bombadil? But how to get him interested in such an undertaking?
