According to this article, it could happen:
The first thing you notice, upon pulling up to Chuck and Sally Heath’s house in Wasilla, Alaska, is the Christmas tree of moose antlers piled up next to the driveway. Step inside the ranch-style home, and you get another unmistakable sign that you’re not in the Democrats’ America anymore: Chuck’s prized collection of skinned and stuffed animals, the spoils of his many hunting trips – a cougar, a mountain goat, foxes, birds, and snake skins spilling over the banister. Outside, a picnic table offers dramatic views of the Chugach Mountain range. It was in this setting that the Heaths, putting aside their natural wariness of press from the Lower 48 states, agreed to meet a reporter, feed her fresh snap peas from their garden-and share their thoughts about their world-famous daughter, Sarah Palin.
Should she run for president in 2012? Sarah’s mother, Sally, doesn’t hesitate. “It would be a tough thing to do,” she starts to say, until Chuck interrupts: “It’s up to her, whatever she wants to do.” Sally, in a green zip-up sweatshirt, continues. “I love what she’s doing now: scouting around for who would be good candidates, who honestly could stand up and speak and not be afraid to tell it like it is.”
Read it all here!