Archive Widget Hierarchy

For the archive widget, there are two options either show the list of all the months or display them within a dropdown box. If it were listed as months, that would be a very long list.

Is it possible to show a hierarchy of years, so users click on the year and the months drop down? For instance:

>2014
        > December
        > November
        > October
        > …etc…
>2013
>2012
>2011
>2010