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"considerable likelihood" is a valid and usable phrase in written English.
It means that there is a significant or noticeable possibility that something will happen or is true. Example: "There is a considerable likelihood that it will rain tomorrow, so we should bring umbrellas on our hike."
Exact(7)
There is considerable likelihood that at some point the ocean will release some of this recently absorbed heat.
If alarmists are estimating seven metres of sea level rise, and the most cautious scientists are estimating 20-100 cm, there is a considerable likelihood that the US$1 trillion estimate of average annual losses due to flooding in coastal cities is not too high.
A high risk day indicates a considerable likelihood of a major tornado outbreak or (much less often) an extreme derecho event.
All types of common proctosurgical interventions for condylomata result in a traumatized anorectal mucosa with lesions and a considerable likelihood of postoperative bleeding.
However, based on the knowledge and theories of transpupillary thermotherapy's efficacy in treating melanomas, any perceived superiority of this treatment for 'small melanomas' may result from the considerable likelihood that these small lesions were actually benign nevi.
While much of this work is being undertaken in a very rigorous way (7), there is considerable likelihood as we move towards 2015 of seeing summaries and headlines relating to the number of countries reaching MDG targets (8).
Similar(53)
Even though there might be a considerable degree of likelihood of the observed measurement deriving from a single copy, one might discard this possibility and errantly conclude two copies were present.
Fidesz's nationalist vision has potentially been enshrined forever: even if the party loses future elections, its appointees will keep exercising power, while the party itself will in all likelihood retain considerable influence, since no other political grouping is likely to muster a two-thirds majority.
Given either a successful or unsuccessful attempt, the likelihood of considerable and painful blowback is high, and even if a plotter successfully carries out his mission and avoids substantial retribution, the potential state of the political world is sure to be highly uncertain.
Likelihood of considerable building damaged requires a carefully managed clean-up operation for health and safety.
For instance, living in the Arabian Sea coastal area is associated with a considerable reduction in the likelihood of being stunted (OR 0.11, p < 0.01).
More suggestions(16)
huge likelihood
considerable chance
substantial likelihood
large likelihood
considerable possibility
vast likelihood
important likelihood
big likelihood
considerable opportunity
considerable doubt
considerable rate
great likelihood
tremendous likelihood
serious likelihood
considerable plausibility
considerable potential
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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