Yes, it is.
Replace the 1k resistor with the 4k7 potentiometer, leaving one end not connected. Replace the 1k5 resistor with the two 10k resistors, connected in parallel to give 5k.
Now, before you connect to the Arduino input, use a multimeter to measure the sensor output voltage and make sure it gives about 12V. Now measure the voltage across the potentiometer and adjust it until the voltage is about 4.5V. Now you can connect the 4.5V signal to the Arduino and test it.