How to set a command alias that will be respected in a shebang

Is it possible to set an alias for the php command which is respected in the shebang?

No because shebang is parsed by kernel which doesn't know or care about your shell-specific aliases and environment such as $PATH (this is why you have to provide a full path in the shebang). What you can do is to make php a symlink to the specific php version and prepend the directory that contains it to your PATH so that it will be picked by env.