In theory yes, no emulation would be required if they write the software properly and can in theory be natively executed if the hardware is similar enough.
However if the GPU changes significantly (remember the Playstation uses a custom API written for the hardware) then perhaps some fucntions may need to be emulated as far as timings and performance is concerned. I don't really know how games are coded in that respect, no idea if game devs can even write their own APIs if they can then those games would have problems.
Remember on PC the hardware drivers for DX and OpenGL are provided by the graphics card company, Sony would have to provide a compatibility layer especially if they choose to move to new APIs, and in some instances there might be bugs and problems depending on how a game is coded.
I think the answer is, if Sony wants to provide support for it, sure. They might have even laid the groundwork for such a thing in the PS4 firmware already, if they move from AMD to Nvidia in the future then it will need much more additional work, especially where computation is done on the GPU, and of course it would need to be an APU with shared memory or it will not work at all.
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