Yes, this requires 2 things:
1) File size must be known (add 27% for overhead)
2) Link must be charactorized
To give any real caulcuation of the link speed - which WILL vary.
Send a test packet of a known length and time the response (client/server needed). Doing this multiple times will give you the averange charactor.
Then take the file size and divide it by the link speed.