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"there is likelihood" is a grammatically correct phrase that can be used in written English.
It means that there is a possibility or probability of something happening. Example: There is a likelihood of rain tonight, so I suggest bringing an umbrella with you.
Exact(23)
While manufacturing FODS there is likelihood of deviation of these parameters from ideal designed value.
Later, he added, "There is likelihood that it could've avoided that confrontation — the escalation of that confrontation".
Under trademark law, use of a similar name can constitute infringement if there is likelihood of confusion.
Given the complexity of causes which led to the financial crisis, the concerned regulators were likely right in exercising restraint; Judge Rakoff's reasoning that the DoJ has never positively asserted that the executives concerned were innocent- and that therefore the DoJ should be taken to assert that there is likelihood of fraud, is unconvincing.
There is likelihood that the token holder will not be protected by the markets or by her own actions.
Similarly if an event occurs at a node there is likelihood of occurrence of event in it neighborhood (spatial dependency).
Similar(37)
For the borrowers, there is the likelihood of suffering less damage to credit ratings.
Without effective international support for Congo's tenuous peace accord there is every likelihood of a wider war.
There is little likelihood of that happening.
There is little likelihood of this happening.
There is little likelihood of the government changing tack.
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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