No, I do not believe. ASP.NET MVC will encode HTML text so that it displays as such. What you need to use is an overload of the AjaxExtensions.ActionLink() method. Something like this will work:
AjaxExtenions.ActionLink ()
Method parameter list:
public static MvcHtmlString ActionLink( this AjaxHelper ajaxHelper, string linkText, string actionName, Object routeValues, AjaxOptions ajaxOptions, Object htmlAttributes )
Note that there are HTML Object attributes. But this will only be for the HTML attributes of this anchor element. If you are really using the <span /> element, it is best to write HtmlHelper for it.
Example
@Ajax.ActionLink( "This is your link text", "SomeActionName", null, // or you could pass route values if you like new AjaxOptions() { }, // whatever Ajax options you want null); // not passing any html attributers
user596075
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