I doubt it.
I think he was passed up by the Cubs because he isn't the right guy for the job, as far as Theo and those from his perspective view things.
I mean, wouldn't it be a weird coincidence if the best manager for the 2012 Cubs also happened to be one of the Cubs best all time players? I mean, out of 300 million Americans and countless people of other nationalities who could vie for the job, to have Sandberg be both the best skipper and a home-town hero seems like too much of a fit.
Yes, Chicago fans would have loved it, but it would have been a decision based on what fans want and not on what the team will need to win on the field.
People in Boston were writing about Varitek, Fisk, Jim Rice and other hometown heroes because there's familiarity there. These are job interviews for a very important job. You don't give it to the sexy pick.
The fact that people in Chicago are surprised that Sandberg isn't the right pick--because he was so obvious--reflects (to me at least) exactly what has been wrong with that organization for so many years. OF COURSE he's not the best choice for that job.