Yes, though I don't think he has an interest in returning. It would take a lot of humble pie to come back now and would require Luke to turn into more of a gadget QB (Taysom Hill) whose main playing time would be in several positions around the field, not solely QB. We would benefit by having an athlete like him back in the program. Besides, we only have Adrian and two projects-at-best at QB right now.
I realize the optics are not good for Luke, but I can't help but wonder if the Louisville coach/staff might have been selling a different situation and came into different circumstances than promised. Considering they hadn't even had him in an organized practice/training camp, I would be inclined to believe that the coach essentially slammed the door shut on any competition or allowing him a chance at QB1 despite going 4-7 last season. I would be very surprised if Luke chose to transfer there with a "starting QB or I'm out" ultimatum.