I believe so. The whole idea of rigorous proof is that any proof can be formalized in a given context. Then the idea of reducibility allows you to take a high level context (like Differential Geometry) and reduce it through a ladder of contexts until you're at formal set theory which is, of course, formal.
So, in theory, we already know how totally formalize mathematics. The problem is that it's a pain to do by hand.

Actually, there is a proof style that partially encompasses this idea. You write your proof in outline format. The highest level is the general sequence of steps you use to prove the theorem. Beneath each level is a sketch of the proof of that step. Beneath each step in that sketch is a proof, and so on. Eventually you get to a point where you consider it obvious, go one more step, and voila! The advantage to this is that the reader can choose his level of detail when reading your proof. The disadvantage is that it's a lot of work explicitly writing things instead of the common practice of leaving it to the reader.
I once had a grand idea of making a mathematical database of theorems that essentially follows the above ideas. In the proof of any theorem you could follow hyperlinks to the proofs of the substeps, which the database manager would provide automatically (or prompt the person who enters the theorem to provide more detail, should the database be unable to flesh it out automatically). And, of course, you could submit a set of premises to the database and it could spit back a list of things you can conclude from it.
I've abandoned the idea, not because I think it won't work, but because I don't think I can carry it out myself.
Hurkyl