No this is not possible. Items involved in a fusion or transfer must not be imbued. Therefore, you must clear the imbuement from the item before doing the fusion. CM Skerio wrote about it.
Items involved in a fusion or transfer must not be imbued (but can be imbued after the fusion).
Here's the source: https://www.tibia.com/forum/?action=thread&postid=39252840#post39252840
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