Yes, it's possible, but the specifics will vary by how your translations are implemented and how the current language is kept track of.
For example, I could get the current language from
get_locale() and then alter which content is queried by hooking 'pre_get_posts'. Your site may not track the current language that way, and the various translations may not be queryable that way.
My limited understanding of qTranslate is the translations are stored in the same post. I imagine what is displayed on a page is filtered on output, and the language URL parameter is used somehow to determine what to filter out. The user's language preference is surely stored somewhere, perhaps a cookie. That setting could influence how permalinks are built.
This is all speculation, a thorough investigation of the plugin would reveal what really needs to be done. Sorry I can't give you better advice.