We present new observations of the field centered on X-ray source 1E 1547.0À5408. Analysis of a new Chandra observation shows that it is unresolved at arcsecond resolution, and analysis of a new XMM-Newton observation shows that its X-ray spectrum is best described by an absorbed power-law and blackbody model. A comparison of the X-ray flux observed from 1E 1547.0À5408 between 1980 and 2006 reveals that its absorbed 0.5Y10 keV X-ray flux decreased from $2 ; 10 À12 to $3 ; 10 À13 ergs cm À2 during this period. The most recent XMM-Newton observation detected no pulsations from 1E 1547.0À5408, allowing us to put a 5 confidence upper limit of 14% for the 0.5Y10 keV peak-to-peak pulsed fraction for sinusoidal pulses with periods slower than 1.8 s. A near-infrared observation shows a magnitude K s ¼ 15:9 AE 0:2 source near 1E 1547.0À5408, but the implied X-ray to infrared flux ratio indicates that it is an unrelated field source, limiting the IR magnitude of any counterpart to 1E 1547.0À5408 to k17.5. Archival radio observations reveal that 1E 1547.0À5408 sits at the center of a faint, small radio shell, G327.24-0.13, possibly a previously unidentified supernova remnant. The X-ray properties of 1E 1547.0À5408 suggest that it is a magnetar, and the spatial coincidence between this source and G327.24-0.13 suggests that 1E 1547.0À5408 is associated with a young supernova remnant, supporting a neutron star interpretation. If both the nature of 1E 1547.0À5408 and G327.24-0.13 and their physical association are confirmed, this pair will be an important addition to the small number of known associations between magnetars and supernova remnants.