That's one of the the possible scenarios many people are speculating about, especially with Joss Whedon signing actor J. August Richards to the series in a role that's being kept on the hush. One of the rumors is that he may be playing a young Nick Fury in flashbacks concerning the early days of S.H.I.E.L.D.
I don't think we will be seeing present day Nick Fury on the series unless Samuel L. Jackson does a rare TV guest appearance since he's already been established as the character and especially since actor Gregg Clark's Agent Coulson has been thrown into the mix.
SPOILER ALERT
Here is the current rumor that's out and going around about how & why of Agent Coulson is on the TV series. Do Not Read Any Further If You Don't Want To Know What Maybe A Potential Series Spoiler:
In the pilot, it’s revealed Nick Fury (Samuel L. Jackson), the ultimate super spy, faked Agent Coulson’s death on purpose to motivate The Avengers. Some S.H.I.E.L.D. members were in on it (including, possibly, Maria Hill played by Cobie Smulders) but of course clearly The Avengers were not. Their security clearance weren't need to know. Coulson was forced to hold his breath as part of the ruse and that’s a point of contention among his colleagues. After the fact, Fury moved him to a remote location until things died down, and then he has been reinserted back into active duty at the time of the show's beginning.
At this moment, several things are unclear about this explanation. First, it’s unclear how Loki piercing him with the scepter didn’t kill him. Also, it’s unclear if Coulson’s return to S.H.I.E.L.D. will be a reveal in the rest of Phase Two or exactly why he was reinstated. What is clear is this plot point is part of a larger story, with more details to be revealed in the show itself. Things may change but, for now, this is the basic story Marvel is going with.