No, at least for now:

Rumors have been floating in Washington the past couple of weeks that Emanuel has been considering leaving his high-profile White House post to return home and seek the mayor’s seat in his home town.
“I’m pleased to stay here as long as the president wants me to stay here, and I plan on staying as long as he will have me here,” Emanuel said in an interview on MSNBC’s “The Daily Rundown” show.

And from Politico:

“Mayor Daley is a great mayor for a great city,” Emanuel told POLITICO in an e-mail. “He has my full support and it is my deep hope that he will seek reelection.”