Yes it is possible.  The first thing you need to do is make sure your new teacher is entered into PowerSchool.  If it is an existing staff member then you do not have to do anything.  If a new staff member is hired then follow all steps setting up a new account like security, scheduling information, etc. 

Once entered, navigate to "School" --> "Sections".  Click on a course that you want to change.  Then click on the "Exp" for a section.  From the teacher dropdown box change the previous teacher to the new teacher.  Scroll down and hit submit.  Do this for each course and section(s).  This will not delete student grades like when moving students from one class or section to another.

Note:  The above will not change any information in stored grades.  If you want change that information, you would have to use DDA.

Thank you Bryan.  That was great information. I was thinking it would be fine, but needed to double check before I did anything.  Not something I wanted to do in the first place, but necessary due to circumstances.  Thanks again!