Ah you're using an all-in-one :S, that does look like the mobile GPU could be replaced though I'm not entirely certain about upgrading mobile GPUs.
http://www.youtube.com/watch?v=BpxIaPynvlQ
They usually should have a cooler attached so you might need to unscrew that and clean off the thermal paste, then apply fresh paste after upgrading.
Some may also have thermal pads which you'd want to pay attention to like in this video (it's a laptop but I'd imagine the form factor to be less cramped for your AIO).
http://www.youtube.com/watch?v=rl81nN8cmdA
What I'd probably do a bit more research on is the additional power requirement and heat output of the different chips.