Our DS' school gave him the end-of-year tests for 3rd grade (he was in second grade at the time) and then 4th grade math. When he passed the 3rd grade test (80 some percent), but not the 4th grade (50/60 percent), they moved him into the 4th grade class for math only. It worked out quite well. It took some schedule adjustment but both teachers were more than willing to make it work (and so, it did. lol). Would that approach work? It isn't all that uncommon where we are, I know or have heard of other children who are accelerated for one or two subjects.
I think if I really wanted subject acceleration, his current teacher would defend that position, but I think DS needs to go two grades up to be sufficiently challenged, and the district would never do two grades at a time. So the question is whether he is better staying where is is and given higher work than he would get being officially accelerated. He would get higher level work but there would be little in terms of instruction. I don't know what's better.