No The Twenty-second Amendment of the United States Constitution sets a term limit for the President of the United States, providing that "No person shall be elected to the office of the President more than twice, and no person who has held the office of President, or acted as President, for more than two years of a term to which some other person was elected President shall be elected to the office of the President more than once." Prior to the adoption of the amendment, the Constitution set no limit on the number of presidential terms. The United States Congress passed the amendment on March 21, 1947. [1] It was ratified by the requisite number of states on February 27, 1951. There could be a constitutional challenge... While it is clear that under the Twelfth Amendment the original constitutional qualifications of age, citizenship, and residency apply to both the president and vice president, it is unclear if a two-term president could later be elected—or appointed—vice president. Some argue that the Twenty-second Amendment and Twelfth Amendment bar any two-term president from later serving as vice president as well as from succeeding to the presidency from any point in the United States Presidential line of succession. Others contend that while a two-term president is ineligible to be elected or appointed to the office of Vice President, he could succeed from a lower position in the line of succession which he is not excluded from holding. Others contend that the Twelfth Amendment concerns qualification for service, while the Twenty-second Amendment concerns qualifications for election. Neither theory has ever been tested, as no former president has ever sought the vice presidency, and thus, the courts have never had an opportunity to decide the question. http://en.wikipedia.org/wiki/Twenty-second_Amendment_to_the_United_States_Constitution

Techically i think the constitution says consecutive terms but since this has never happened with the current laws there would likely be not only debate about it but also court proceddings. I dont' think its going to happen though.