I think this will possible of course (technically).
But I doubt it if it's wise to do so. If you for instance look at the passengers...I think they will be much more at ease if they board an aircraft which has multiple engines instead of one. Because according to a passenger there can always go something wrong with an engine. And this is true ofcourse. The engine can be affected by various factors. Factors on which you don't have any influence (like a birdstrike). So it's always nice to have a backup, i.e another engine.
Despite that engines are very reliable, I don't see one engined short haul airplanes in the future.
Ciao, Lil' P