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IANAL, but I think not. In general, the defamatory statement must be concerning the plaintiff. Since a dead person cannot be the plaintiff, then it seems unlikely that this could be stretched to cover another person. Generally, I believe, the libeled party must bring the action, and a dead person cannot.
On the other hand, I believe you could conceivably sue for damages to a dead person's reputation. Suppose there is someone/something entirely dependent on the proceeds of the estate of an individual. I'm thinking say for instance, a philanthropist sets up a foundation to help the poor through the sales of widgets. Everyone continues buying his widgets after his death, with the profits going to his foundation. If someone then defames the philanthropist such that on one buys anymore widgets, the foundation might have a cause of action. Whether or not it would constitute libel I don't know since the foundation itself has not been libeled, and it would have to bring the action.
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