I'm not sure even the OP understands what the OP is looking for.
The question is doubly ambiguous. Firstly, physical impossibility is not a fixed notion. Science continues to move the goalposts: it makes possible that which was once impossible.
Secondly, there are varying degrees of conception. I can 'conceive' of a cure for cancer in the vague sense of it being logically possible, but I cannot conceive of it in a complete sense. So in the first sense, yes: it is possible to vaguely conceive of any physically impossible thing. In the second sense, no: it is not possible to completely conceive of a physically impossible thing, otherwise it would no longer be physically impossible.