No, that is not true. The rumor that after the singer’s death Jordan Chandler publicly confessed that he was not molested by Jackson was an Internet hoax.
On the other hand, Jackson’s attorney Thomas Mesereau said that at Jackson’s 2005 trial he had witnesses whom he would have called if Jordan had testified. These witnesses were people who personally knew Jordan and according to Mesereau Jordan privately confided in them that Jackson never molested him. 
However, publicly Jordan Chandler never made any comments about the case and he also refused to testify about it in a court. According to Jackson’s FBI files, when prosecutors asked him to testify at Jackson’s 2005 trial he refused and he told them that “he would legally fight any attempt” to make him testify against Jackson. 
For full details about the Chandler allegations see our relevant section.
 Michael Jacskon was Innocent – Tom Mesereau talks about how Jordan Chandler Lies
 Jackson’s FBI files as released in 2009
http://vault.fbi.gov/Michael%20Jackson/Michael%20Jackson%20305%20File%20Part%201%20of%201/view (page 4)