No, he cant...
We do not want to put any athlete in a position to get injured, and being dieted down / competing in a strong man competition is about as far apart as it gets when it comes to preparation...
So, the concern is injury, not doing multiple Olympia shows?
White can argue (as could Efferding, if he actually qualified for the Olympia) that he could do both shows. Though he claims he can't do so now, due to age, Johnnie Jackson says he competed in (and won) a powerlifting meet, three weeks before winning the Nationals in 2001.
Efferding also said he did a meet shortly before winning the Masters Nationals in 2008.
So, it appears that "Rhino" will get the "World Strongest Bodybuilder" title by default.