No, you cannot convert Lookup to Picklist or any other data type except Master Detail. For M-D also, you need to make sure that all existing child records should have value in look up field. Only then, you can convert it into M-D relationship.
For your requirment, you can create a new field as Picklist.
-Thanks, TK
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For your requirment, you can create a new field as Picklist.
-Thanks,
TK
Did this answer your question? If not, let me know what didn't work, or if so, please mark it solved.