I realize this is a lore question, but I'll try to answer with some rules (since I could not find anything based on lore):
According to the Forgotten Realms wikia:
Guenhwyvar was summoned through a detailed onyx figurine of a panther. When summoned, the figurine emitted a gray mist which quickly solidified into the panther shape. Guenhwyvar herself was described as a "huge black panther."
Indeed, it looks like she is a figurine from the same wiki:
Guenhwyvar is a unique figurine in that the statuette summons its creature rather than transforms into it. This could be due to the strange circumstances of its creation and the uniqueness of the beast, a particularly intelligent and powerful panther. She can be summoned by calling her name to the black onyx figurine, for up to twelve hours of every 48-hour period.
So she is a unique figurine of wondrous power.
In 5e, a "Figurine of Wondrous Power" states:
The creature is friendly to you and your companions. It understands your languages and obeys your spoken commands. If you issue no commands, the creature defends itself but takes no other actions.
This item in 3.5e:
The creature obeys and serves its owner. Unless stated otherwise, the creature understands Common but does not speak.
But as was pointed out in the comments, these books are older. The first was published shortly before the release of 2e.
A gnat figurine from 2e:
The gnat is telepathic ...
The Panther looks to have been modeled after the onyx dog, based on the 1988 publication date of the first novel (The Crystal Shard)
Onyx Dog: When commanded, this statuette changes into a creature which
has the same properties as a war dog, except that it is endowed with
intelligence of 8-10, can communicate in the common tongue, and has
exceptional olfactory and visual abilities. (AD&D 1e, DMG p. 144)
Based on rules, it could have been possible, but as you can see from the other answer, the answer is no.