Not the way it works, even you cancel there isn't a guarantee the seat will even be made available again as part of inventory (paid or award). Could be flight already full or predicting to be oversold so they may hold it back entirely.

It may also just go back to become paid fare seat or such, many possibilities. If the flight still has award availability of course you can just rebook it, but don't count on your seat that you give up to be right there again, it may but more likely it won't. YMMV