Hi Kiran,
As I understand you want to install Content server and Cache server on different hosts -
In this case yes. It is very much possible.
While installation you may select only option to have MAxDB for Content server on one host and during sapinst execution on another host you may select MaxDB for cache server.
Additionally refer SAP Note 216419 - Multilevel caching and content server proxies
Hope this helps.
Regards,
Deepak Kori