Yes, It was added in version 2.5. The expression syntax is:
a if condition else b
After evaluating condition, exactly one of an or b is assessed and returned based on condition's Boolean value. If condition evaluates to True, an is evaluated and returned while b is ignored, or vice versa if condition evaluates to False, b is evaluated and returned while an is ignored.
When condition is true, only an is assessed and b is not reviewed at all, while when condition is false, only b is evaluated and an is not evaluated at all, allowing for short-circuiting.