Yes, this is possible you have to enable the feature in the Site Configuration tab of the Site Administrator since it has been disabled.

1. Open Site Admin
2. Click on the Site Configuration Tab
3. Click on the New icon at the top of the window
4. Enter ''ENABLE_CREATE_LEGACY_EXCEL_REPORT for the Parameter field
5. Enter ''Y'' for the Value field
6. Click OK

I don't know if you will need to restart the ALM service for the configuration change to take affect (I did it with out testing if it was needed).

Now when you log into ALM you will have the option for Excel Reports in the Analysis Module.