No, Oracle is too large a character for Gotham. The original Birds of Prey had an excellent setup focused on global spy thrillers and heists mixed with inter-team drama, and going back to that should be a no-brainer. Think Charlie's Angels or Mission: Impossible. DC has nothing else playing within that niche. It also opens up the use of Oracle for every other hero or team out there.
Gotham can still be there, but it's just the place where Oracle is based. Can be used as a setting as needed, but not the permanent backdrop.