Hello Prashant,
Yes, it is possible but you must ensure and have to perform all the testing scenarios in quality system before implementing the same in Production environment.
Logically, you should not delete the earlier number ranges assignement which are used upto now. You can use new number ranges which are year dependent i.e. from current fiscal year now and leave the earlier one as it is. This is just like the year dependent, when the year changes the old number ranges for the previous years are not removed but instead it is picking new number ranges from the new fiscal year onwards.
You can assign these year dependent number ranges to the corresponding document type to reflect the same from this year onwards via OBA7 T code.
I hope it clears your doubts else revert us with your query.
Thanks & Regards,
Lakshmi S