Yes, and this has been a very common marketing strategy for artists and labels for a long time.
You would simply submit the Single Track Album first, and then later submit the full Album containing that same song.
IMPORTANT: Remember to use the exact same ISRC for the song on both the Single Track Album and the Full Album since ISRCs are unique identifiers for a specific sound recording. If the songs are exactly the same (ie: Not remastered, or remixed, or different in any way) then they should have the exact same ISRC. If you rely on Catapult to generate ISRCs for your albums rather than providing your own, then you will need to wait for Catapult to process and deliver the Single before submitting the Full Album so you can copy and paste the ISRC for the track from the Single Track Album to the Full Album. This also potentially helps with retaining play counts/playlists for the Single in some stores (Though there is never any guarantee by the music stores that this will happen).