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No Ram, Standard functionaly will not allow you to refer to Closed PO's.
As per my knowledge no way to do this apart from doing customizations in Create Release Program.
Even a customization should not create releases off a closed po.
From an Accountants point of view where control is important closed PO's are just that. Don't mess with them. If you do you may run into approval/ potential fraud risk areas. Rather make the user follow a process of creating another order.