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Yes, it is possible to alter the name of a column in a PostgreSQL function using the ALTER TABLE statement. The syntax is as follows:

ALTER TABLE table_name RENAME COLUMN old_column_name TO new_column_name;

For example, if you have a function that creates a table with a column named "oldname", you can rename it to "newname" with the following code:

CREATE OR REPLACE FUNCTION create_table()
RETURNS VOID AS $$
BEGIN
    CREATE TABLE my_table (
        id SERIAL PRIMARY KEY,
        old_name TEXT
    );

    ALTER TABLE my_table RENAME COLUMN old_name TO new_name;
END;
$$ LANGUAGE plpgsql;