Yes, they should. They have done it for many ZHP owners. However, you are likely to not get cooperation from the dealership. Some people have had to try a few dealerships before they get a replacement.
I would recommend against getting it replaced with another alcantara-wrapped specimen. Personally, I would go for the perforated leather version that came istalled on the later zhp coupes:
Others have gotten theirs replaced with m3 or regular sports steering wheels.