The answer is maybe. Go to Gigabyte's website and look up the specs for your model. Look for the CPU or processor compatibility list. Compare the processor you have now to the fastest the motherboard will support.
I have to tell you, however, that since this an older motherboard, any gains you achieve by doing this are going to be negligible. You would be better off upgrading to a new motherboard, memory, and processor.
Good luck!