Well, yes and no. When an edge is selected, you can move its end points to any location, either interactively by dragging the black square end markers or by specifying a port location in the properties view. Thus, you can move the ends of an edge to the area of its corresponding label.
On the other hand, this does not create a logical connection between the label and the edge, therefore, automatic layout will not maintain these assignments.
There is a mostly undocumented, advanced feature called Port Constraints in 'Tools -> Constraints' which can make it work for some layout algorithms, anyway. Please let me know if you need help on this.