How to un-reserve inventory from a sales order and reserve it against another sales order

Summary:

How to un-reserve inventory from a sales order and reserve it against another sales order without manual intervention

Content (required)

Scenario

Inventory if 50 qty exist for an item. A sales order for 50 qty was placed for the same item and the inventory was reserved against the sales order

Later that day a top priority customer also placed a sales order for the same item and requires the order to be delivered at the earliest.

Is it possible to unreserve the order from the initial sales order and allocate the quantity to the new sales order without manual intervention?

Version (include the version you are using, if applicable):