Not with a geostationary orbit. That must have a fixed radius. The problem is that satellites have to move to counteract the force of gravity to avoid falling out of orbit. But if they move too much or too little, then the satellite moves with respect to the earth and the orbit is no longer geostationary.
(Caveat: Not an expert by any means, just someone who had a similar question and did some reading, so my answer may well be incomplete or not fully correct.)
