Definitions:

1. a future prospect or potential noun
   • If I keep working with these chemicals, there's a possibility that my sense of smell will be impaired!
2. a possible alternative noun
   • Declaring bankruptcy is always a possibility.
3. capability of existing or happening or being true noun
   • There is a possibility that my sense of smell has been impaired due to the chemicals I must endure at my workplace.

Synonyms:

• hypothesis
• opening
• possibleness
• theory