Absolutely not, but he might give Huntsman a spot in his Cabinet. I think he would make a fine Secretary of State, especially with regards to relations with the Chinese (And Romney may need a pro-Chinese Secretary of State considering his plans for tariffs on China until they let their currency float and crack down on intellectual property theft). Otherwise, Huntsman needs to run for Governor again or maybe see if he can get Hatch to retire so he can take over his seat in the Senate? Surely Hatch is not serious about running for re-election yet again at nearly 80 years of age...
Considering that Thurmond ran and won while in his 90s, I see no reason Hatch would necessarily decide that he is too old to run.