There is a high chance that it will but the BIOS will not recognize it as an E7500 and just display something else when it boots.
The voltage might need to be set manually.http://ark.intel.com/products/42801/Intel-Pentium-Processor-E5700-2M-Cache-3_00-GHz-800-MHz-FSB
If it supports the 45nm Core 2 processors then I'd lean towards this one working.
BIOS's don't particularly care when it comes to Core 2's, they're all the same micro-architecture internally.
It's the Socket AM2/AM2+/AM3/AM3+ processors that are highly BIOS dependent.The E5400 you had is a 45nm Core 2 CPU, so I would say 99.9% chance that it will work.
The board supports 19x multiplier and that CPU only needs a 15x multiplier, we also know a E5400 worked, so I can't see any reason why an E5700 wouldn't POST on that motherboard using a SIS 671FX + SIS 968 chipset combo.