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Yes it is possible, and in fact, common.
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You can host it on the same server, or a different one. How this would work really depends on your hosting environment. For example, I have a VPS with the ability to directly modify Apache virtual host config files. If I wanted to use the same server to host both sites, I’d simply setup another virtual host configuration.
My Two Cents
Recently, I’ve spent a lot of time cleaning up a compromised WordPress site. For that reason alone, I’m glad the WordPress site is on a different server than our Django application. Your domain name registrar most likely has a DNS settings page that would allow you to direct traffic for various subdomains to different server IP’s of your choosing.
Also, have you considered integrating a Django-based CMS like django-cms?