Hi Pranav,

Technically it is possible but I would highly advise you not to do so. Quite a big part of Odoo runs on jQuery code (V1.11.1 as you can see here: https://github.com/odoo/odoo/tree/10.0/addons/web/static/lib/jquery). If you would replace this by a much newer version then a lot of default Odoo will break as the framework changes from jQuery are quite big since V1.11.1. You could technically also add in a second jQuery version in your code while preserving the original jQuery version but you'll most likely run into conflicts or issues too.
So: all in all I'd say don't touch it unless you have a really solid Odoo and jQuery knowledge.

P.S: The upcoming Odoo V13 will run on jQuery 3 - see https://github.com/odoo/odoo/pull/28457 

Regards,
Yenthe