Euhemerus (4th Century BC) is famous for his attempt to interpret myths as deformed historical events. In particular he thought that Zeus was originally a Cretan king whose tomb could be found in Crete. This theory was followed by a few of his contemporaries and later by Christian scholars, including early chistians such as Cyprian in De idolorum vanitate (3rd Century AD) and to some extent even 17th century historians such as Antoine Banier in La Mythologie et les fables expliquées par l'histoire (1711; litteraly Mythology and fable explained by history).
Without going into the details of the actual tomb which seems a little bit far-fetched, does any modern scholar (mythologist?) give any credit to the idea that Zeus was a king, later deified by the rumor?