Yes, in prior Form W-4 iterrations the text "EXEMPT" was placed on Line Item #5 (up to 2016), Line Item #4c (up to 2024), and now with a checkbox (2025-20xx). However, the caveat is that a person can only claim to be exempt if the prior year saw no federal income tax liability - if there was any liability this exemption is denied and a frivilous filing penalty may be assessed. Therefore, only lawful money redemption can allow this exemption to occur.
NOTE: Once lawful money redemption has occured and resulted in no federal income tax liability, a new Form W-4 may be requested from one's employer and re-filled out with the EXEMPT status to stop all withholdings - thus avoiding long waits with the IRS to refund (e.g. 3-6 months).