Hi there,
Yes , it is possible. In Group Policy Management Editor, expand User Configuration, expand Administrative Templates, expand Desktop, and then click Desktop. In the details pane, double-click Desktop Wallpaper.
To enable this setting click Enabled. The wallpaper name should be set to either local path of the image or it can be UNC path.
Group Policy Settings for Personalization https://learn.microsoft.com/en-us/previous-versions/windows/it-pro/windows-7/ee617164(v=ws.10)?redirectedfrom=MSDN
Desktop - Wallpaper Slideshow - GPMC GPMC https://social.technet.microsoft.com/Forums/lync/en-US/db96c693-8e26-4961-b6fa-51b61748dc72/desktop-wallpaper-slideshow-gpmc?forum=winserverGP
I hope this information helps. If you have any questions please let me know and I will be glad to help you out.
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Mukesh S