No.
Via Variety:
The network is developing a sequel series, based on the original, Variety has confirmed. This time, the show would have a female-centric twist, revolving around Magnum’s daughter.
The project, which landed a script plus penalty order, hails from writer John Rogers, who will executive produce with Eva Longoria, Ben Spector and Jennifer Court. Universal Television is the studio.
The sequel, first reported by Deadline, is described as a rebirth of the “fun, high-action” of “Magnum P.I,” as Magnum’s daughter, Lily “Tommy” Magnum returns to Hawaii to take up the mantle of her father’s PI firm. She and her tribe of friends mix tropical beaches with the seedy underbelly of international crime and modern espionage, even as she tries to unravel the mystery of the blown spy operation that ended her career in Navy Intelligence.