Basically, no, there isn't.
Layout engines that handle placing map labels similar to this are surprisingly complex and beyond the scope of matplotlib. (Bounding box intersections are actually a rather poor way of deciding where to place labels. What's the point in writing a ton of code for something that will only work in one case out of 1000?)
Other than that, due to the amount of complex text rendering that matplotlib does (e.g. latex), it's impossible to determine the extent of text without fully rendering it first (which is rather slow).
However, in many cases, you'll find that using a transparent box behind your label placed with annotate is a suitable workaround.
E.g.
import numpy as np
import matplotlib.pyplot as plt
np.random.seed(1)
x, y = np.random.random((2,500))
fig, ax = plt.subplots()
ax.plot(x, y, 'bo')
# The key option here is `bbox`. I'm just going a bit crazy with it.
ax.annotate('Something', xy=(x[0], y[0]), xytext=(-20,20),
textcoords='offset points', ha='center', va='bottom',
bbox=dict(boxstyle='round,pad=0.2', fc='yellow', alpha=0.3),
arrowprops=dict(arrowstyle='->', connectionstyle='arc3,rad=0.5',
color='red'))
plt.show()
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