PostgreSQL upgrade server A -> server B

Hello,

Forgive me if this has been discussed before (or if it sounds absurd)

Upgrading large postgres databases (100GB+) takes awfully long time when doing dump/restore. I was wondering if this process can be optimized by directly dumping to a new version of Pg database directly on another server without having to dump to the filesystem and then restore it.

pg_dump on new server might look something like,
pg_dump <options> -h <old server> -h <new_server> dbname

or can it be used as-is by piping it?

pg_dump <options> -h <old server> dbname | pg_restore

Thanks!