I don't think so. That would be pretty lame to just have him disappear like that. Instead, I suspect one of two things:he'll drop dead soon as itachi breaks the edo....but im just guessing here
1) When the Edo Tensei ends and Madara's soul isn't bound anymore, he can use Rinne Tensei at the last moment to revive himself into a normal mortal body.
2) When the Edo Tensei ends, Madara's soul will return to the pure realm. Instead, Tobi can use his Rinnegan to revive Madara into a normal mortal body.
In either case, Madara comes back and is mortal, so he can be killed. This sets the stage for the final battle.