Conceivable, but I seriously doubt it. Germany has invested a great deal in its pan European identity, and the symbolic meaning of such a move would be a profound change to their relations with their European neighbors over the past 60 years. I think they would go a long way to avoid such a change with all the implications it entails.
Moreover, on a purely economic basis, Germany sustains a very successful export economy, and her principal export market is to other European (i.e. EU) nations. Germany has adapted very well to the common currency, accepting a slightly lower value for its Euro currency in exchange for unlimited access on a uniform monetary basis to its principal export markets. It thereby gets a lot out of the EU, and would, I believe, be hurt economically by departing from it.
Meanwhile the German government does all it can to manage the current banking and fiscal crises in the EUROZONE, within the limits of what appears possible both with the German electorate, and its sometimes resentful EU partners. As I suggested above, I believe many serious political leaders in France, Belgium, the Netherlands, the new EU members in the east and even some leaders in Italy quietly applaud German financial prudence, but are quite content to stand in the shadows, letting Chancellor Merkel take the heat.