Yes, but water is very close to incompressible. It would take an object that is truely incompressible and extreme depth to have something like that occur.
But if your asking strickly "theoretically", yes, as depth increases in a fluid that has a compressibility factor > 0. An in-compressible object would eventually stop sinking because the buoyant force would = mass of object.
Also inasensegone already answered what factors determine buoyancy. However charts online can show that if a few hundred (or thousand) atms of pressure is applied to water, it's density can go up by a percent or two. So an in-compressible object with density between 1.00 g/cm and 1.04 g/cm can sink deep enough it will eventually stop sinking in the worlds oceans.
http://www.engineering.uiowa.edu/~cfd/pdfs/tables/1-42B.pdf
Real World Application quote from wikipedia:
http://en.wikipedia.org/wiki/Mariana_Trench
"
At the bottom of the trench the water column above exerts a pressure of 1,086 bars (15,750 psi), over 1000 times the standard atmospheric pressure at sea level. At this pressure the density of water is increased by 4.96%, making 95 litres of water under the pressure of the Challenger Deep contain the same mass as 100 litres at the surface. The temperature at the bottom is 1 to 4 °C."