Yes, it is possible.
For all types of replication, the Distributor version must be no earlier than the Publisher version. Frequently, the Distributor is the same instance as the Publisher.
For transactional replication, a Subscriber to a transactional publication can be any version within two versions of the Publisher version. So if your publisher is of 2012 version, then your subscriber can be of 2008 and 2008R2.