You will need an entirely new motherboard singe the 4960X is LGA 2011 and your i5/motherboard is LGA 1150. You'll need a X79 LGA 2011 motherboard for the 4960X. Best you can get on LGA 1150 is a 4770k right now
If you're willing to wait however, the Haswell-E platform with X99 LGA 2011 is being released later this year. This is better than the 4960X since it will be on Haswell arch rather than Ivy arch
Also consider the 4930K which is only 200mhz slower (and can be OC to match the 4960X) but it lacks a bit of cache. It is however, only about half the price.
http://pcpartpicker.com/part/intel-cpu-bx80633i74930k
Here are some 4770k vs 4930k vs 4960X benches...