They would need a 25-seat gain in 2012 to do so. Charlie Cook throws some icy water:
[E]ven when presidents have been reelected in landslides, their coattails have been very short. When Presidents Nixon and Reagan cruised in their reelection bids in 1972 and 1984, Republicans only picked up 12 and 14 seats, respectively. The last time a president won reelection and had his party pick up at least 25 seats was in 1964, but of course that wasn't exactly a reelection as Johnson had assumed the presidency after the assassination of President Kennedy.