No, that currently isn't provided by the out-of-the-box machinery.
But I believe you should be able to add your own process participants to
define this process. For example:

Have two kinds of approvals: "Current" and "Pending".
Initially in the comment field of the approval what the order is.
When creating an approval, all must be in the "Pending State".
When the approval is saved, the process hook takes the one with the next
order, and automatically converts it to "Current".
When a "Current" approval is marked as OK, the process hook
automatically converts the highest outstanding Pending approval to be
"Current".
You can decide whether the process hook will allow the user to mark a
Pending approval as approved (i.e. do you allow "early approval").

Cheers,
Geoff

On 8/11/2011 8:23 PM, suvamara wrote:

For a work item, when you set more than one individual as approver,
can you specify the order in which the approvals must be done? For
example, you might want a team lead to approve the work first and
then (and only then) the project manager, followed by a director,
etc.