Not directly.
The ability to add a link to a project project for a project is available only for projects of the "XNA Game" and "XNA Game Library" types.
One trick I use when I want to build and incorporate an XNA content project into a WinForms project is to create an empty XNA Game Library project. Link to the XNA Game Library project from the main (Windows) project and the content project from the XNA Game Library project.
Whether this will work for MonoGame is another matter.
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sledgehammer MSBuild, , .