CONFIG_PPC_QEMU_E500 is not available for thedefaultarchitecture x86.
Result is shown for architecture powerpc

QEMU generic e500 platform

modulename: qemu_e500.ko

configname: CONFIG_PPC_QEMU_E500

Linux Kernel Configuration
└─>Freescale Book-E Machine Type
└─>QEMU generic e500 platform
In linux kernel since version 3.1 (release Date: 2011-10-24)  
This option enables support for running as a QEMU guest using
QEMU's generic e500 machine. This is not required if you're
using a QEMU machine that targets a specific board, such as
mpc8544ds.

Unlike most e500 boards that target a specific CPU, this
platform works with any e500-family CPU that QEMU supports.
Thus, you'll need to make sure CONFIG_PPC_E500MC is set or
unset based on the emulated CPU (or actual host CPU in the case
of KVM).

source code: