Yes, it is. You can compute it as follows:
Imagine the colors are points in a three-dimensional space, with each component (red, green, blue) representing one dimension. Depending on how many color tones you want between the two colors, you can try to evenly divide the differences between the two colors, for each component separately. For instance, if rA is the red component of color A, and rB the red component of color B, and if you want 10 steps in between, then the red component of the second step is r2 = (rB - rA) * 2 / 10.
Convert the components to decimal first (e.g. 8a => 138), and you should probably write a small program for the computation. I don't think you need so many tones though, because each component has only a range from 0 to 255 (rounding necessary), and the human eye cannot differentiate between so many colors anyway.