Supported by, e.g., ifort and sunf95. (Not yet by g95 and NAG f95.)

Example:
----------------------
module test
  implicit none
  real,parameter :: pi = 3.1415926535897932385
end module test

program usetest
  use :: test, mypi => pi
  real :: pi
  pi = 3.0
  print *, mypi, pi ! Shall print "3.1415927 3.0"
end program usetest
----------------------

See Fortran 2003:

"11.2.1 The USE statement and use association"

"
R1109 use-stmt is USE [ [ , module-nature ] :: ] module-name [ , rename-list ]
          or USE [ [ , module-nature ] :: ] module-name , ONLY : [ only-list ]

R1111 rename is local-name => use-name
       or OPERATOR (local-defined-operator) => OPERATOR (use-defined-operator)

R1112 only is generic-spec
           or only-use-name
           or rename"