Yes, the i7-4771 is capable of giving you the x16/x16 capability on that board. In truth, any 1150 socket CPU will do that as the reason you get x16/x16 on that board, as opposed to x8/x8, is the PLX chip on the motherboard. A pricey component, hence why you only really see them on the more expensive boards (I think the Z87-WS is the cheapest board I've seen one on).
For that particular motherboard I believe it's the two golden colored slots that provide you with x16/x16. If you were running a four card configuration, they'd be slots 1 and 3 so to speak (so with just two cards it leaves a space between them to improve airflow and reduce temperatures). The information on all this is in the motherboard's manual as well.