Yes. Definitely, using the command

EXEC sp_dboption 'Employee', 'Single User', 'TRUE'
EXEC sp_renamedb 'Employee', 'Employee1'
EXEC sp_dboption 'Employee1', 'Single User', 'FALSE'

First, you have to be an exclusive user; use sp_dboption as indicated to establish yourself as the sole user of the database. Then, just call sp_renamedb

sp_renamedb 'olddatabse','newdatabase'