Yes, it’s possible!
Parallels Desktop for Mac (Intel):
Supported OS/2 Versions:
* OS/2 warp 4.5
* OS/2 warp 4
* OS/2 warp 3
* eComStation 1.2
* eComStation 1.1
Parallels Desktop for Mac & OS/2 notes:
* Network driver for OS/2 included on Parallels Tools floppy image – mount the image through Parallels Desktop, under OS/2
* Easiest way to transfer files: FTP
* Requires VT-x hardware virtualization support.
* Only verified with MCP2 so far.
VMWare Fusion for Mac (Intel):
* OS/2 is not officially supported under VMWare Fusion.
* OS/2 Warp 4 and QEMU (Sites.mpc.com.br) – Tutorial
Miscellaneous Information about OS/2 and Virtual Environments:
* WarpDoctor.org/downloads.html – Updated floppy images (may need to extract under DOS or Windows).