Surely not ... sorry to say so, but this one of the most crappy fan-arts I've ever seen.
To change so many different items on a Flanker makes de facto a new aircraft ... and quite funnily one quite close to the T50.
I do not want to dismiss that concept at all: a new canopy - maybe an internal bay similar to the ones already wind-tunnel tested in Russia, maybe canted tails ... but surely not a new wing, an S-shaped intake. Overall such an aircraft would cost much, much more than to wait for the final T50MKI/FGFA or even the Rafale deal.