There is no way the king will still be the King after the Constituency Assembly election. To be in the political limelight, the only political option left for the king would be to accept the defeat and announce his desire to dethrone himself from the crown now. He will gain the popularity if he addresses the nation declaring that he will serve the nation as a law abiding citizen not as a ruler from this point. His address would make an impact on all agitating parties like Jana-Jaties and Madhesis. His role would be helpful on bringing the peace and unity among the Nepalese.
There is no question that the king Gyanendra is the most unpopular king of all times in Nepalese history still he is the most popular political figure of the present time. He might not have the political acumen that G P Koirala and Prachanda posses, but he still has his follower and many citizens still sympathises him because our nation has become chaotic in the name of Loktantra. There is no rule of law and Nepalese are fed up with daily Bandhas and Vandalism.
This is the best time for the king to act and if he does, there will be no surprises; he could come back as the first President of Nepal and make a history. I believe his time is over as a king but he still can make an impact among Nepalese citizen as a responsible political figure.