No, a new election would be required. Even if we ended up with Pelosi or Hil, it is better than subverting the constitution with Osama Hussein.
If it occurs before the electoral college vote, the EC votes (usually on the three remaining candidates.) There might be an organized effort to get them to select Hillary.
If it occurs after the EC votes, then Congress has a go. If they do not select one, or or it decided he is ineligible before Jan 20, then the House (1 vote per state) decides the President and the Senate decides VP.
If, after Jan 20, he is ineligible, his VP takes over. There would be no new election.
Nothing in the Constitution supports that. If Obama is found to be ineligible then the 20th Amendment provides the means to replace him.