With the proliferation of home computers, high speed internet and classes being offered even at the high school level as tele-courses, I should think this is a definate possibility. Especially as schools become more and more dangerous because of shootings and drugs and rape.
However, for this to work would require parents to actaully be parents who take a concern in their childrens lives and are willing to set boundaries; like "it's time for school, sit down and log in." I don't see modern parenting moving in that direction for most of our society.
Home schoolers are the exception.