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It doesn’t seem impossible, as series star Stephen Amell has posted the photo above, of himself in full costume and hanging out on the ropes.
There are likely some Easter eggs buried in the sponsors on the mat and around the arena, but the only one we can clearly make out is the Ferris Air logo upon which Arrow is standing. The Ferris Air logo has been seen in trailers and clips from The Flash‘s pilot episode as well; in the comics, it’s owned by Green Lantern’s girlfriend. Arrow Executive Producer Marc Guggenheim is one of a number of writers credited on the Green Lantern movie.
The ring — and Arrow in it — has prompted speculation from fans about who might be involved. Popular theories early on were Ted “Wildcat” Grant or Rocky from the Challengers of the Unknown, but with Arrow appearing in-costume in the ring, a number of fans have instead been speculating that a character like Sportsmaster or Roulette could be involved.