No.

You would need to cancel that bid first.

And then end the listing and relist.

You can not end a listing until you cancel the bid.

Bidders also get very cross at sellers that do this, and then relist goods with a higher starting price, and may report you to eBay for non performance.

If it is the first and only time you are ever going to do this, then IMO it is not a hanging offence lol.