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I think that is wishful thinking. I doubt that he would just step away from the presidency. I think the real challenge is on the other side. The Republicans have to mount an aggressive campaign and chose their best possible candiadate. It will be interesting to see who their candidate is. I haven't read any opinion poll results showing who the favorite Republican candidate would be. I imagine that Sarah Palin, maybe even Mike Huckabee.
Something I did hear about is about Joe Biden leaving the vice-presidency. If that were the case maybe Hilary Clinton would become the vice-presidential candidate. An Obama-Clinton ticket would be very difficult to beat.