Yes, it is possible.
I remember back when the cuda cores became a thing, (I had a 8800GTX at the time) there was talk of doing this and it was suggested you could do it to utilise your old GPU.
Apparently everything since the 8800 could handle it, but at the time the benefit was marginal and it was definitely going to up your power consumption, so I never bothered. I guess if you were upgrading a 560 to something new, you would get a bigger benefit though.
If you already have a 770, I suspect you would get a bigger bump putting another one in SLI rather than slaving the PhysX.