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possibility (n.)

late 14c., "state, fact, or condition of being possible," from Old French possibilité (13c.) and directly from Latin possibilitatem (nominative possibilitas) "possibility," from possibilis (see possible (adj.)). Meaning "a possible thing or substance; that which may take place or come into being" is from c. 1400. Related: Possibilities.

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Definitions of possibility from WordNet

possibility (n.)
a future prospect or potential;
possibility (n.)
capability of existing or happening or being true;
there is a possibility that his sense of smell has been impaired
Synonyms: possibleness
possibility (n.)
a tentative insight into the natural world; a concept that is not yet verified but that if true would explain certain facts or phenomena;
Synonyms: hypothesis / theory
possibility (n.)
a possible alternative;
bankruptcy is always a possibility
Synonyms: possible action / opening
From wordnet.princeton.edu