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You are using employee-Supervisor or Positional Hierarchy for PO/Requisition approval?
Your question : Is there any option for the user that he can select any approval hierarchy when he submits the requisition for approval?
Ans : We don't think user have a choice to opt for a specific approval hierarchy other than the system generated approval hierarchy (without customization). In iProcuremnt we still have an option to insert a intermediate persons( through Manage Approvals options) in the approval process but it will still follow the normal Process.
I mean to say.. suppose intial Approval process was A--> B --> C, you can insert approvers in between like A --> B ---> X ---> Y---> C..