Yes, there is a link, both are examples of extremum principles. And yes it is possible to derive the principle of least action from the law of maximum entropy. The derivation is lengthy and I will only sketch the main steps needed:

1. We start from $dS \geq 0$ for an isolated system. For a non-dissipative system, this reduces to $dS = 0$. That is, entropy is a constant.

2. From the phase space structure we can show that the phase space state $\rho$ satisfies the equation $d\rho/dt = \partial\rho/\partial t - \mathcal{L}\rho$, where $\mathcal{L}$ is the Liouvillian.

3. From the constancy of entropy (1), we can derive the Liouville theorem $d\rho/dt=0$, which implies that the general equation of motion (2) reduces to the Liouville equation $\partial\rho/\partial t = \mathcal{L}\rho$.

4. For a mechanical system in a pure state, the phase space state is given by the well-known product of Dirac deltas; substituting this $\rho_\mathrm{pure}$ on the Liouville equation, the equation reduces to the Hamilton equations of motion.

5. Using the Hamilton Jacobi method, the Hamilton equations of motion can be written again as a single equation: the Hamilton Jacobi equation.

6. It can be shown that the Hamilton Jacobi equation "is an equivalent expression of an integral minimization problem such as Hamilton's principle", and Hamilton's principle is just the Hamiltonian version of the principle of least action. In other words, solving the Hamilton Jacobi equation one obtains the action $A$ [*] and this automatically satisfies the principle of least action $\delta A=0$.

7. Other versions of the principle of least action can be obtained from here. For instance, the Lagrangian version of the principle can be obtained using a Legendre transformation.

[*] References on mechanics usually denote the action by $S$, but here it would be confused with entropy.

Yes, there is a link, both are examples of extremum principles. And yes it is possible to derive the principle of least action from the law of maximum entropy. The derivation is lengthy and I will only sketch the main steps needed:

1. We start from the law of maximum entropy $dS/dt \geq 0$. As we know this law is only valid for isolated systems [i]. For dissipative systems $dS/dt > 0$, the evolution is irreversible and cannot be described by an action principle. We must consider non-dissipative systems, for which $dS/dt = 0$. This is correct because the action principles are rigorously restricted [ii] to Nondissipative Systems.

2. From the phase space structure we can show that the phase space state $\rho$ satisfies the equation $d\rho/dt = \partial\rho/\partial t - \mathcal{L}\rho$, where $\mathcal{L}$ is the Liouvillian.

3. From the constancy of entropy (1), we can derive the Liouville theorem $d\rho/dt=0$, using the Gibbs relation $S=S(\rho)$. This implies that the general equation of motion (2) reduces to the Liouville equation $\partial\rho/\partial t = \mathcal{L}\rho$. Effectively, this equation is not dissipative and conserves entropy.

4. For a mechanical system in a pure state, the phase space state is given by the well-known product of Dirac deltas; substituting this $\rho_\mathrm{pure}$ on the Liouville equation, the equation reduces to the Hamilton equations of motion: $dq/dt = \partial H / \partial p$ and $dp/dt = -\partial H / \partial q$.

5. Using the Hamilton Jacobi method, the Hamilton equations of motion can be written again as a single equation: the Hamilton Jacobi equation $H + \partial A / \partial t = 0$, where $A$ is the action [iii].

6. It can be shown that the Hamilton Jacobi equation "is an equivalent expression of an integral minimization problem such as Hamilton's principle", and Hamilton's principle is just the Hamiltonian version of the principle of least action. In other words, solving the Hamilton Jacobi equation one obtains the action $A$ and this automatically satisfies the principle of least action $\delta A=0$.

7. Other versions of the principle of least action can be obtained from here. For instance, the Lagrangian version of the principle can be obtained using a Legendre transformation for deriving the Lagrangian $L = pv - H$. In this case, the action is given by $A=\int L dt$.

[i] For non-isolated system entropy can increase, decrease or remain constant.

[ii] As reported in the Scholarpedia link there are some few special dissipative systems which can be described by an action principle. Those are open systems for which the production of entropy is compensated by an external flow of entropy to give a zero total variation $dS=d_iS+d_eS=0$. Moreover, the action principle only describes the average behaviour of these systems, but not the thermal fluctuations.

[iii] References on mechanics usually denote the action by $S$, but here it would be confused with entropy.