@pattifree Thanks for reaching out. No. Currently you can't migrate an existing API Management instance (in the Consumption, Developer, Basic, Standard, or Premium tier) to a new v2 tier instance. Currently the v2 tiers are available for newly created service instances only. The only way is you need to manually create the APIM service.
the following capabilities aren't supported in the v2 tiers:
- API Management service configuration using Git
- Back up and restore of API Management instance
- Enabling Azure DDoS Protection
- Built-in analytics (replaced with Azure Monitor-based dashboard
do let me know incase of further queries, I would be happy to assist you.
Please accept as Yes if the answer provided is useful, so that you can help others in the community looking for remediation for similar issues.