Should not be a problem.
Most newer players can support DVD and Blu Ray.
Just make sure that the new device does not require different cable connections or, if it does, that the other components will also be connectable.
E.g., HDMI connections versus component, composite, 3.5mm (1/8") audio etc. Any new connection requirements (ports, cables) may be more of a problem when it comes to getting everything reconnected.