Depends what you mean, but the answer you're looking for is probably a "no." There are mathematical limits to how much data can be compressed.
Different audio file compression algorithms / settings / formats will compress different files by slightly different amounts. Maybe you could save a couple percent on a song's file size with APE as opposed to FLAC, or something like that. Of course, all of these are compressed considerably compared to the original lossless WAV, but I don't think you're talking about that.
But if you're talking about "lossless audio quality" in the sense that you want something with audio quality as good as lossless to you, then you could do a lossy (psychoacoustic) compression to MP3 / AAC / Vorbis / whatever. As people have been discussing, high-bitrate lossy encoding can reduce file size by a lot compared to lossless, yet it may sound identical (to you, under certain circumstances).