There is but it is bugged...

I was very lucky a couple of months ago from having an event that made colonists spread out to The Painted Valleys but without that kind off luck forming New Valyria is impossible... A little tweak on The Painted Valleys should do the trick.

Was able to form New Valyria.
Try this:
- colonize all regions around The Painted Valleys and The Demon Pass
- Colonize The Demon Pass but recall your settlers when they are around 500-600 population
- Population will still grow in the Demon Pass but at a rate of 1-2 each month. This gives you the time for the event to pop that says 200 settlers want to migrate to The Painted Valleys.
- When you have colonists at The Painted Valleys, send settlers back in to accelerate the progress.

You can check my profile for a screenshot on New Valyria (proof), made a few hours after founding.

Cheers!