CONFIG_M5307 is not available for thedefaultarchitecture x86.
Result is shown for architecture m68knommu

MCF5307

modulename: timers.ko

configname: CONFIG_M5307

CPU
└─>MCF5307
In linux kernel since version 2.6.12  
Motorola ColdFire 5307 processor support.

source code:
arch/m68knommu/platform/coldfire/
is selected by
CONFIG_COLDFIRE