The CPU can overclock. The CPU cooler is half decent. Theoretically, you should be able to squeeze a bit from that processor.
The real question is, do you have a motherboard good enough to handle the additional power requirement from overclocking? Which motherboard do you have? What power supply do you have? What else do you have in your system?
Storytime: I had an FX8320. Being a total novice at the time, I brazenly tried to overclock it on an inferior 970 chipset-based motherboard with 4phase power delivery. Within an hour, I had lit my motherboard on fire, and thankfully, had a CO2 fire extinguisher in the room next door. I still have my old charred PC case as a reminder not to do stupid things like that ever again.