Short answer: Yes
Better question: Why is it setup like that?
I've done this before temporarily as I was moving my VMs between old and new hardware/versions and had absolutely no problem doing so for the week I had it configured. I am pretty sure that the best practice is to have vCenter on the same subnet as your Hosts/Clusters. The main selling point of vCenter is Fault Tolerance, and every millisecond counts. Are you going to deploy a virtual router in this scenario, or are you relying on physical devices?
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