Ofcourse, it is possible.
While saving the workbook --> Click on File --> Save As --> Tools --> General options --> Enter a password in the option "Password to modify" --> Check the option "Read only recommended" and click on OK.
Edit: Once it is done, the user will not be able to save the workbook unless he has a password to modify it in its current location. However, the user will be able to:
1) Modify the workbook and save the file to a different location with the same name or a different name.
2) Modify the workbook and save the file to the same location with a different name.