The hardware is there, and CyanogenMod + MIUI already did it for the Nexus One, so surely it is possible.
http://www.androidcentral.com/cyanogenmod-nightly-nexus-one-brings-long-awaited-fm-radio-support
The only apparent differences is the N1 has BCM4329 and we have BCM4325. The only apparent differences between those two chips is that the 4329 (N1) also can TRANSMIT FM, and has 802.11n. It should still be possible though!
Broadcom.com - BCM4325 - Low-Power 802.11a/b/g with Bluetooth? 2.1 + EDR and FM
Broadcom.com - BCM4329 - Low-Power 802.11n with Bluetooth? 2.1 + EDR and FM (Tx and Rx)
http://www.androidcentral.com/cyanogenmod-nightly-nexus-one-brings-long-awaited-fm-radio-support
The only apparent differences is the N1 has BCM4329 and we have BCM4325. The only apparent differences between those two chips is that the 4329 (N1) also can TRANSMIT FM, and has 802.11n. It should still be possible though!
Broadcom.com - BCM4325 - Low-Power 802.11a/b/g with Bluetooth? 2.1 + EDR and FM
Broadcom.com - BCM4329 - Low-Power 802.11n with Bluetooth? 2.1 + EDR and FM (Tx and Rx)