The short answer is no. More precisely, if there is then it won't be for long. Technically, there are many alcohol-like substances or drugs that could be made which would be much safer to use than alcohol. From a regulatory point-of-view, it would be impossible to bring these substances to the market or keep them from being classified as illegal drugs.
For instance, consider the history of kava kava. This is a traditional inebriant in Hawaii. Its use spread to the other pacific islands and then to Australia, where it became popular among the Aborigines. Despite actually being less unhealthy than alcohol and less debilitating than cannabis it is demonized in Australia
It used to be easily available in Britain but the UK Food Standards agency got very upset by that:
Admittedly, kava kava is not the healthiest drug to take but it's only dangerous to habitual users.
The recent discussion in the Journal of Psychopharmacology is here (below). In the last of these documents David Nutt (ACMD member) calls for more booze regulation. UK government recently deregulated booze!, in contrast to government behaviour elsewhere which sees constant and growing regulation in all areas of life. I interpret this deregulation as an indicator that there are real limits to government regulation; which is some slight hope for the future. Although the net effect of the relaxation on the ban on US gambling (prior to the 1970s) has probably been more regulation rather than less.
- - - - - - A Tale of Two Es - by David Nutt, Journal of Psychopharmacology 20(3) (2006) pp 315-317
(PDF)
Alcohol alternatives - a goal for psychopharmacology?, by D. J. Nutt, Journal of Psychopharmacology 20(3) (2006) 318-320
(PDF)
The regulatory challenges in engineering a safer tipple, by Wayne Hall, Journal of Psychopharmacology 20(3) (2006) 321-322
(PDF)
For alcohol alternatives, the science is not the hardest part, by Robin Room, Journal of Psychopharmacology 20(3) (2006) 323-324
(PDF)
Alcohol alternatives - a goal for psychopharmacology? (Comment), By Ian Ragan, Journal of Psychopharmacology 20(3) (2006) 325-326
(PDF)
'Alcohol alternatives - a goal for psychopharmacology?' (Comment), By W. Miles Cox, Journal of Psychopharmacology 20(3) (2006) 327-328
(PDF)
Harm reduction: lessons learned from tobacco control, By Marcus R. Munafò, Journal of Psychopharmacology 20(3) (2006) 329-330
(PDF)
Reply to commentaries, David Nutt, Journal of Psychopharmacology 20(3) (2006) 331
(PDF)