My simple answer is not likely. But you need to be careful of where you are getting wood chip mulch from. There are many ways to get free wood mulch; neighbors taking down trees, highway projects, counties distributing, etc. If you are getting free mulch, make sure to check if there is any sign of termites. If you read forums posts of garden-related websites, many complain that termites came with free mulch.
Just loaded up 3 Long bed truck loads of free mulch. Via a highway project which cut down lots of various trees and crudely shredded them. When I was done I noticed three termites in my truck bed – Cakley
If you are getting wood chip mulch from reliable source, it will work as insect repellent instead of attracting termites and other insects.
Wood chip mulch can potentially attract termites if it is in direct contact with the soil. Termites are attracted to wood and will often use wood chips as a food source, especially if the chips are in contact with the soil.
To prevent termites from using wood chip mulch as a food source, it is important to keep the mulch at least a few inches away from the foundation of your home and any other wood structures. It is also a good idea to use mulch made from termite-resistant materials, such as cedar or redwood, which can help deter termites.
In addition, it is important to keep the mulch dry to help prevent termites from being attracted to it. If the mulch becomes too wet, it can create the moist conditions that termites need to thrive.
By following these steps, you can help reduce the risk of termites being attracted to your wood chip mulch.