Yes, it is possible, far more possible, Rubio or Paul than Cruz.
Rubio I see as a possibility. Lots on the right do not like him for his immigration policy but they will swallow him to avoid Bush. I think this will be similar to 2012 when the party was looking for anyone but Romney. Now it will be anyone but Bush. It will at least be interesting to see if it takes the same rout as last time and Bush takes the nomination. I don't see that as happening because there will be a better selection of candidates this time around. I mean really, who gave Bachmann a spot on the stage...
I suspect Rubio will be in play this election season. I don't see him making much progress personally toward the presidency. He lacks the name recognition, party backing, and experience to likely be a credible candidate. Obama lacked all these things. But I think we can agree his 2008 victory was improbable. Rubio is hamstrung by a fiercely conservative voting record. Which doesn't help outside the GOP primaries with a much more moderate electorate.
Rubio on the other hand would make an excellent VP pick for a GOP candidate that was from outside of Florida. Kasich, for example, could use Rubio to shore up both his support among Latinos and to help in Florida. Both hugely advantageous for a GOP candidate.
The GOP is also doing an excellent job in cultivating its AAA team, with plenty of future leaders in their pipeline. (They're doing this much better than democrats, that have traded unity in the face of GOP election wins for cultivation of new leaders....but that's another discussion). Rubio is one such future leader. And a VP slot would put him in an excellent position to win the presidency himself in 2024. As it resolves 3 of the 4 factors working against him, granting experience, name recognition and party backing.
And Rubio, unlike Cruz, has made major in roads with the Latino community. I'd argue his a viable member of that communities conservative political spectrum. Cruz isn't part of that community at all despite his father being Cuban. Rubio's connection to the Latino community could help him in the long term. And act as a method of the GOP bringing Latinos into the conservative fold.
I see that as unlikely, as the GOP's focus on minorities tends to be opportunistic and anecdotal. But its better than if they picked just another white guy.