There is a faction at Ole Miss...mostly people around Oxford close the program staff, as well as some former players and especially those who played with or for Luke...that would like to see him given the chance to steer the ship through turmoil. He did a decent job holding things together, despite them looking really horrid over a mid-season stretch. He won one more game than Freeze did last year, with less talent.
But I don't see it happening. Ole Miss has money to chase a bigger name, and probably needs somebody with more recruiting sizzle to survive the next few years. And I don't think the pro-Luke faction is big or influential enough to hold sway.
I could see Luke getting some consideration for a Sun Belt job like USA.