It will!  The Linux Mac/68k (a.k.a. MacLinux) project is running right now.  
They have over 23 m68k-based Macintosh computers booting now.  Minimum 
requirements are a 68020 with PMMU, a 68030 or a 68040.  At the time of this 
writing, an FPU is not required, but until an FPU emulator can be written, 
FPU-less m68k-based Macintosh computers will be more limited in functionality.

  http://maclinux.wwaves.com/
or 
  http://www.mac.linux-m68k.org/

Testers and developers welcome!  There is a development mailing list run from 
majordomo@wave.lm.com.  Send a message to that address with the body of the 
message saying "subscribe linux-mac68k".