Of course they can do it. But there are two flavours:Elite 2.0 with fresh code... wonder if they could do it!
1) They spend a decade of development to get an ED2 with the features of ED1.
2) They release a bare-bones ED2 that isn't even close to what ED offers.
People tend to forget just how insanely much there is in ED, and how much time it would cost to get even close. Personally, neither option sounds very appealing to me, and the first one is financially unsustainable anyway.