It's possible, but extremely unlikely due to the game theory of Plurality Voting or IRV (in countries/regions which have switched to that) both of which are bad, yet overwhelmingly used for single-winner elections (like, for selecting a president, or in some countries for selecting a single representative per voting district).
There's a political science term called a realigning election, but it involves a radical change to a party, or the displacement of at least one of the two dominant parties with a new party, after which elections go back to a two-party-dominated playing field for a while; a persistent 3-or-more party system is not viable without changing voting systems.
http://rangevoting.org/Duverger.html
There's a political science term called a realigning election, but it involves a radical change to a party, or the displacement of at least one of the two dominant parties with a new party, after which elections go back to a two-party-dominated playing field for a while; a persistent 3-or-more party system is not viable without changing voting systems.