Yes, but this is the end of the line for Craig's run after more than a decade. Elba would be starting at around 50 if he took over. Don't get me wrong, I would've loved to see Elba's take but the timing is off.
The only way I could see it working is if they went with a storyline that this is towards the end of Bond's career, but that's not going to have much legs and I don't think they'll want to do that and then have to recast again in relatively short order.
I've liked the suggestions in this thread that perhaps it's time to return to the basics (except the overt sexism, that can stay in the past). I've loved how the Craig era has turned against the tropes and I think his run has been very enjoyable (except Sceptre), but I think it's time to change things up again.
Granted, Idris may really be too old to helm the franchise for another 10 years.
I'd love it if they made a good reboot, Casino Royale is my favorite Bond movie exactly for that reason and if they find the right crew for it i'm all for it.