python equivalent to perl's inplace edit mechanism

[Michael Mabin]

Does python have an equivalent to Perl's inplace-edit variable $^I?
For example, the following perl code below changes mike to dave in a file
that is passed as an argument.

#!/usr/bin/env perl
#chgit script
$^I = '';
while(<>) {
  s/mike/dave/g;
  print;
}

The script would be used as below:
chgit somefile

Afterward, all instances of mike are changed to dave.

Thanks.

Mike

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