Is it possible to change the Field Data Type from Text to Formula in Salesforce Object?

No, its not possible. Formula fields are a read-only fields that cannot be converted to any other data type.
Likewise, you cannot convert any other field type into a formula field.

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Salesforce MVP | Lightning Champion | 16x Salesforce Certified | Application Architect | 6x Trailhead Ranger | Techforce Services | Australia

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