Yes and no.

If the value of a dollar plummets then it can happen.

As of now the total circulation at 1 cent is equal to 2.5 times the total dollars in circulation in the us.

If your time frame is long enough then it's possible. But it would require massive institutional investment and I don't think that will happen. Especially any time soon. It might outpace the market like it has been but I think a penny is highly unlikely in any reasonable amount of time.