Sure you can, depending on how old you are. If you're a reasonable fit male in your 20's to early 30s you don't need anything close to "high mileage" to run 2:50-3:00 if your base is 40-50 mpw. People do it all the time. I'm ignored the whole "potential" idea, just can you run 2:50.
How? Well you still have to train for the distance, no getting around that. If you're running 50 mpw now, you'll creep towards 60 when you're doing your last few long runs but say you have 12 weeks.
Week 1 - normal runs, one "long" 1:45, one tempo / interval
Week 2 - normal runs, race / 8 mile MP, one tempo / interval
Week 3 - normal runs, one "long" 2:00, one tempo / interval
Week 4 - normal runs, race / 10 mile MP, one tempo / interval
Week 5 - normal runs, one "long" 2:15, one tempo / interval
Week 6 - normal runs, race / 12 mile MP, one tempo / interval
Week 7 - normal runs, one "long" 2:30, one tempo / interval
Week 8 - normal runs, race / 14 mile MP, one tempo / interval
Week 9 - normal runs, one "long" 2:45, one tempo / interval
Week 10 - normal runs, race / 8 mile MP, one tempo / interval
Week 11 - easy runs, one "long" 1:45, one tempo / interval
Week 12 - easy runs, strides, 4 mile MP, marathon
Start the long runs 1-1:30 slower than goal pace, finish the last 1/4 at goal pace. Pick longer (15K/Half/30K, etc) races to balance expectations. Race them, don't "tempo" them.
i.e no huge change in your routine, but concentrate on long runs and practicing goal pace (and sticking to goal pace on race day). Do long races to determine/reassess fitness. There are surely ways to add mileage and be more specific in your training for a better result, but sticking to the basics will get you 2:50.
As to if you can run faster than 2:50 I'll leave that to the nattering nabobs.