Odd I could only find models up to an i5. I've looked further and it seems that the 4702 is the best the laptop came with. So that pretty much means that thats the last safe to use cpu you can use. You might be able to get a better i7 to work but it can also have major issues. The difference between a better i7 and the one you have now will be quiite small so not really worth the investment.
Looks like that laptop was only available with a single CPU. I doubt it's going to be upgradeable. To be sure contact Lenovo or follow the support links here:
Does anyone know what is the most powerfull CPU for my thinkpad e540?
It's not equipped to run anything higher than the basic dual core i5 it came with. It will not be able to deliver the power needed for a better cpu and will not be able too cool it properly. So basically thats a no.
Odd I could only find models up to an i5. I've looked further and it seems that the 4702 is the best the laptop came with. So that pretty much means that thats the last safe to use cpu you can use. You might be able to get a better i7 to work but it can also have major issues. The difference between a better i7 and the one you have now will be quiite small so not really worth the investment.