It is possible but somewhat expensive. I personally retrofitted 2013 regular Steering Wheel with M5/M6 LCI wheel on my 2015 535xi. Everything is plug and play without too much trouble. You do however need to go to ww.realoem.com and identify all pieces that are required to be purchased to make a complete assembly (i.e steering Control Module, trim pieces, air bag, paddles, vibration unit, heating/non-heating, etc.), unless the wheel you buy comes with all of it. A new Steering Wheel Control Module need to support all the features that your current vehicle supports currently and can have more but not less, otherwise some features will be inactive. Depends on a new wheel your Air Bag may not fit, therefore buying a new one will be required.
Read this tread and do more search on this site:
http://www.bimmerfest.com/forums/sho...steering+wheel
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2013, 535 XDrive, 112k miles
1997, 328is, 335k miles - Retired
1998, ML320, 200k miles - Sold
2018, Q5, 100 miles
2005, XC70 AWD, 160k miles