Perhaps, but there are variables in trying to save the tree. A lot depends on the size of the chain and how much of it is visible and the age of the bark. Buy or borrow a pair of bolt cutters. There are different sizes of bolt cutters. Try cutting each chain link in 2 or more places. If the chain is near the surface you may be able to release the constriction by removing the connection between the adjoining links. Caution, if the back side of a link is buried deeply do not remove it. This would cut the bark and girdle the tree but if left in place the bark may just grow over the piece of chain.
Depending on the age of the tree bark you could bridge graft over the chain. I have read about this but have never tried it in a girdle situation. This graft is best on young bark. I have used a form of bridge grafts to join limbs on trees.
Try the bolt cutters first. Repost if you want more on bridge grafts.