No. As of yet PHP does not have a function that is called when a session ends.
This is mainly because sessions expire, and expired sessions are 'cleaned up when found'.
If a session 'lives' for 30 minutes, then the session data is not erased untill the first time that the garbage-cleaner runs after the 30 minutes. If th garbage cleaner doesn't run untill 4 hours later, then the session data is still there for another 4 hours.
HTTP is stateless, there is nothing running continuesly.