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The phrase "concede the possibility" is grammatically correct and can be used in written English.
It means to acknowledge or admit that something is possible. Example: The scientist had to concede the possibility that their hypothesis was incorrect after new evidence was discovered.
Exact(17)
They concede the possibility that Congress will scuttle a major hardware program.
Like most people who say this, however, what I really mean is that I'm an atheist willing to concede the possibility of error.
Privately, former officials concede the possibility of conflicts of interest and even the potential to influence American foreign policy as diplomats who traditionally made careers in public service now rotate more frequently to lucrative jobs in the private sector.
Re Maureen Dowd's March 22 column on Gary Hart: Were one to follow Mr. Hart's logic about the raw deal the media dealt him, one might concede the possibility that he might have been President.
Rereading my review now, I find none of its points wrong exactly, but I have to concede the possibility that I was just freaked out in precisely the way Noé intended.
His refusal to concede the possibility of union between humanity and God (characterized as "servant" and "Lord") and his sober law-bound attitude gained him and his followers many disciples, even at the Mughal court and as far away as Turkey.
Similar(43)
But the president also conceded the possibility that the Tigers were really ready to talk seriously.
It might be thought that this argument has already conceded the possibility of entropy decreasing.
Mr. Hevesi, the most fiscally conservative on the panel, in effect conceded the possibility.
Amaker laughed at the thought of it but conceded the possibility.
But the manager also conceded the possibility that Cone would skip his next scheduled start.
More suggestions(12)
relinquish the possibility
to recognize the possibility
to recognise the possibility
accept the possibility
acknowledged the possibility
acknowledge that the possibility
admit the possibility
discover the possibility
recognize the possibility
concede the potential
recognise the possibility
concede the opportunity
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com