Doubt it. I have no doubt Porto would love to have him back but I don´t see AVB wanting to return right now. He is ambitious and is desperate to achieve success, he doesn´t want to be marked as the manager who only did well at Porto.
Not to mention I don't think they'd be willing to pay his salary requirements at this point in time. There is still 1+ seasons left on his Spurs deal and I imagine the reported pay-out was not in a lump sum but probably contingent on a few things such as staying out of coaching through the remainder of his contract. Porto probably COULD pay him a big salary, but they don't want to set the precedent I'm sure. None of the Portuguese clubs make much in the way of profit which I imagine is largely due to their paltry domestic TV deal.
I know they're bringing up their Porto B manager for the remainder of the season. I wonder if they'll make a run at Estoril's manager this summer or if the failure of Fonseca will scare them off. He had Pacos de Ferreira playing at a level they probably should not have achieved last season and that's why Porto hired him.