Apparently yes, according to Renner himself. Talking to MTV, the actor let it be known that it's certainly in the cards for him to take over, but nothing is written in stone as of yet...
"It's a franchise to potentially take over, " he said. "I can't predict the future and what they want, but that's certainly the idea."
Renner further indicated the script is still in the evolutionary process, so whether or not this turns out to be the case is still up in the air.
Mission: Impossible-Ghost Protocol is directed by Brad Bird, and produced by JJ Abrams and Tom Cruise. It stars Cruise, Renner, Ving Rhames, Simon Pegg, Paula Patton, Mikael Nyqvist, Anil Kapoor, and Josh Holloway. Look for it on December 16th, 2011!