Short answer: Yes.
Long answer: On the map below, the red sections indicate where the land is suitable for development. So, if you look at the blotch where the number 10 is, it's North of the GF and can be resorts or even a fifth gate (also, where the 13 is, is also suitable for a fifth gate and has often been cited as the most likely place for a fifth gate). The red blotch between TTC and The Contemporary is where the Venetian Resort was supposed to go at one time (now, one of our Insiders keeps winking at it like a barfly at last call... so... something, maybe?).
The light green is land designated as marginally suitable and to be used mostly as resource (i.e., natural swamp land) or 'recreational' (IOW, a golf course). However, that wouldn't stop Disney if they wanted to build a fifth gate or a resort on that land. If they did so, they may have to do land preservation offsets and a lot of dirt-piling to make the land suitable.
So, yes, between MK and GF along the walkway in question, it is possible to plop a resort there.
Also note the blue shaded area SW of PotC... that's a possible MK expansion pad.
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