In theory, there's nothing preventing it. Bellarmine addresses a scenario where all the Cardinals would be killed. He simply states the principle that the Church has the power by Divine Law to select a Pope, and that the institution of Cardinals is man-made. He stated that if the Cardinals would die, then the authority would be upon the clergy of Rome, but if they had died too, then an Imperfect Council could elect a pope.
Problem is that there also has to be Universal Acceptance that the process is legit. If 10 sedevacantists got together here, and 20 over there, and no one agreed, then there's nothing that constitutes a selection of a leader by THE CHURCH ... just little groups. And even if all the sedevacantists got together and elected someone, then you have the sedeprivationists who would not accept it, nor the R&R, nor those Catholics who remained in the Novus Ordo. So, given the fragmentation of this crisis, it's a practical impossibility that such an election would be legitimate (assuming, for the sake or argument, that the See IS in fact vacant ... since, if is not, then the answer is clear).
So that's why Bellarmine stated that the authority would devolve in the last resort to an Imperfect Council ... because there has to be SOME notion of universality and Universal Acceptance of the process and its results.