Some researchers seem to think so. Jewish custom is that religion follows the mother's side and some people think that there is evidence that Khaddafi's* mother was Jewish.
Some rebel groups claim that this is their reason for fighting... maybe we should think twice about supporting another rebel group that we really only have a mutual dislike for an opponent. Just a thought.
Qaddafi* is famously vague about his upbringing. There have been claims from him being of Berber origin to him having been born out of wedlock to a Jewish mother and Italian father. If there is any truth to these rumors about Gadhafi's* origin this, it could be pretty huge.
Source -> http://www.aolnews.com/2011/03/31/the-mystery-behind-moammar-gadhafis-birth-some-say-hes-jewish/
*until there is a standard English spelling I'm going to do this from time to time