Chosen Solution

Is there any option to update 2019 iMac 27’ to 10700K?

The best CPU your system can support is a Core i9-9900K Sorry you can’t use the Core i7-10700K The reason is the systems EFI don’t hold the newer Comet Lake microcode the 10700K requires. Your system can only support Coffee Lake microcode based CPU’s. As you didn’t tell us which CPU your system currently has, I can’t tell you if its worth the effort and risks.