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The Twenty-Second Amendment limits Presidential terms of office; the relevant portion reads as follows:

No person shall be elected to the office of the President more than twice, and no person who has held the office of President, or acted as President, for more than two years of a term to which some other person was elected President shall be elected to the office of the President more than once.

So the answer is yes; a person may serve two and a half terms as President, provided they entered the office by completing the someone else's term.

The interpretation of this amendment (and its interaction with the Twelfth Amendment, which sets qualifications for the Vice Presidency) is unclear in a situation where a twice-elected President later seeks election to the Vice Presidency; also, it is unclear if the Speaker of the House or other officer could succeed to the Presidency if they had twice been elected President. However, such situations seem unlikely to arise.

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Q: Is the President allowed 2.5 terms?
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