Да, возможно
private float getSizeFitText(String text, int textWidth) {
Paint mTestPaint = new Paint();
if (textWidth <= 0)
return 0;
int targetWidth = textWidth;
float hi = 100;
float lo = 2;
final float threshold = 0.5f; // How close we have to be
while ((hi - lo) > threshold) {
float size = (hi + lo) / 2;
mTestPaint.setTextSize(size);
if (mTestPaint.measureText(text) >= targetWidth)
hi = size; // too big
else
lo = size; // too small
}
// Use lo so that we undershoot rather than overshoot
return lo - 10;
}