It is possible especially if the AC base motor is a three phase squirrel cage or synchronous type.
The rotor has to be reconditioned to work with permanent magnets, with poles matching the stator winding.
An electronic commutator control device has to be added to the stator three phase circuit in such a way that specific windings in the stator are energized, based on the rotor position.
Sounds simple but a lot of experience building electric machines is required.