It sure is (Search "belly fuck" on PHub), and in a few different ways--though I've yet to see it done like in that Tsukasawa image. The method depends on how big the girl is and how her fat is distributed.
If a girl's belly has enough overhang, you can stick it in the space where the bottom of her gut meets either of her thighs.
If her tummy's shape is like a single, round mass (ala this image), she can squeeze the fat on both sides of her belly button together to make a nice crevice for your dick, and if her belly button is big/deep enough, you can fuck it at the same time.
If the girl's stomach is more rolls than round (Think "double belly"), you can also slide your dick into any of those. I'm with a girl who has a belly like this fatty Momiji, albeit slightly smaller. After some alcohol and coaxing, she let me oil her up and try out the first two. The muffintop wasn't all that, but fucking her gut from the front as she sandwiched her fat around my dick was divine. I could only get my tip in her belly button, though.