certo, il DHCP si basa sull'UDP che è supportato dall'ethernet shield. Il resto credo tu lo debba fare a mano, ma non è troppo difficile se non parti da 0.
The Dynamic Host Configuration Protocol (DHCP) is a network management protocol used on Internet Protocol (IP) networks for automatically assigning IP addresses and other communication parameters to devices connected to the network using a client–server architecture.
The technology eliminates the need for individually configuring network devices manually, and consists of two network components, a centrally installed network DHCP server and client instances of the protocol stack on each computer ...