It seems unlikely. Free League are Swedes, and Star Frontiers were never a big thing over here. I've never heard any Swedish gamers express any nostalgia over Star Frontiers. Now, if we were talking Traveller, that'd be a different thing.I could see Free League making an offer for Star Frontiers if they thought there was an audience. Kickstarter limits the risk somewhat, and they've already revived Twilight 2000.
Plus, Free League already have a space RPG in Coriolis, and it doesn't seem like a good idea to compete with themselves that way.