Request for Contract Renewal from PO page

user created the requisition and approved and processed to PO and PO also got approved, PO converted to Contract, created the contract and expired the contract, currently when contract is going to end (Expire) the renewal process done by via email communication, business requirement is they want to renewal the contract from the Purchase Order page (From 'action' list of value) which is having that specific contract.

Is there any functionality available in the application to do that?