In theory, it's possible. The updated rMBP with dGPU can support the same resolution as the 5k iMac (5120x2880). But previously Apple has said the 5k iMac doesn't support target display mode. Curious if someone who owns both has tried it yet.
Won't happen. The only interface that has enough bandwidth for that resolution is DisplayPort 1.3, which neither the new rMBP nor the iMac 5K is compatible with. Add to that that TDM has to happen with a TB connection on recent iMacs.
I suppose they could have implemented some sort of dual cable Thunderbolt TDM on the iMac 5K, but they didn't.
Also, the new MBP can only do 5120 by 2160 according to Apple's specifications.