Certainly it is possible. In fact, Cypress does provide a Multi-Chip Package (MCP) that has both HyperRAM and HyperFlash in it. With the same small form factor and pin counts, you will have RAM and Flash on the same bus. In some applications, users may even be able to get rid of the usual DDR memory, thus save a lot of pin counts and cost.
I suggest you consult with your local Cypress FAEs or Sales for further information regarding to the HyperRAM/HyperFlash MCP.