No, you cannot extend the authorization period of a payment. Once a payment is authorized, it will automatically be voided if not captured within the specified time frame, which is 36 hours for in-person transactions and 7 days for online transactions. The UpdatePayment endpoint does not allow you to extend this time frame. The only way to keep the funds on hold would be to capture the transaction before the authorization period expires.
This answer was reviewed by @Bryan-Square.