Yep. Given the twists and turns of the politics that led to the rival alliances of 1914-15 as we know them, it's as least as possible as any other.
The thiing is, if the Germans and Russians agree to carve up the AH Empire, presumably with a Hungarian buffer/successor state in between, each powers' remaining ambitions can be potentially fulfilled in different directions, the Germans to the north and west and the Russians to the south and east. France could aid the Germans in the west and make up its own gains in the Med, as could the Spanish; the Italians can expand there and get their share of the AH Empire, as well. Same for the minor Orthodox nations in the Balkans, by tying up with the Russians against AH and/or Turkey.
Given the British are tied down with the South Africans and just came within inches of a conflict with the French over Africa and the Germans over the Kruger Telegram and the Jameson Raid a few years earlier, it's certainly closer to the realm of possibility than many "what ifs" regarding European power politics in this era.
Best,