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The phrase "reasonable possibility" is correct and usable in written English.
It can be used when discussing the likelihood or chance of something occurring that is considered sensible or plausible.
Example: "There is a reasonable possibility that the project will be completed ahead of schedule if we maintain our current pace."
Alternatives: "plausible chance" or "feasible likelihood."
Exact(60)
If prices rise above the rate of inflation, a reasonable possibility given how depressed they are now, your return will be still higher, possibly significantly so.
AUDIENCE: Is there any reasonable possibility of doing things dynamically?
"We think there's a reasonable possibility," he said.
That seems like a reasonable possibility in the future.
And I think less than 10 on an equity fund is a reasonable possibility.
There's a "reasonable possibility that you'd see significant changes," he says.
"I see in this bill a reasonable possibility that China will change its culture toward observing the rule of law".
"There's a reasonable possibility that monetary policy is going to become more of a focus than fiscal policy".
Criminal liability is attributed according to whether "he ought to have foreseen the reasonable possibility of resultant death".
Crocker pointed out there is a "reasonable possibility" that people can get burnt if they are not protected.
He also ruled that there was a "reasonable possibility" that the information could have changed the outcome of the trial.
More suggestions(15)
reasonable capability
acceptable possibility
logical possibility
decent possibility
reasonable hypothesis
affordable possibility
reasonable risk
legitimate possibility
reasonable scope
rational possibility
reasonable practicability
suitable possibility
reasonable potential
appropriate possibility
reasonable viability
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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