Quite likely - though not canines, hyenas are very behaviorally similar to wolves thanks to convergent evolution. They are pack hunters with a hierarchical social structure that a hominid could take the place of. Though not domesticated (domestication requires multiple generations of breeding to permanently alter the species on a genetic level), they can be tamed and trained relatively easily.
There is some evidence that hyenas were tamed and used for food and possibly hunting by the ancient Egyptians, though it is unlikely that they were truly domesticated. Still, that's nothing that a few generations of finely-controlled selective breeding, or a few thousand years of less-controlled selective breeding, couldn't fix.
So why weren't hyenas domesticated? In order to really answer that question, we would need to understand how dogs were domesticated, and that question is still up for debate.
The domestication of dogs occured around the Last Glacial Maximum - perhaps cold temperatures and lack of food forced humans and wolves to work together. Regardless of the reason, once dogs were domesticated, they quickly spread through the global human population, and why go through the trouble of domesticating hyenas when you already have dogs?