is it possible to put a late model 4.0 liter engine into a 1992 explorer.

anything is possible with the right know how , tools and creativity.
but on this specific subject i don't know

Are you asking if you can swap in another 4.0 OHV or are you asking if you can swap in a 4.0 SOHC?

The answer to the first (4.0 OHV) is that it should work okay as long as you swap all of the engine control equipment (harnesses, sensors, actuators, PCM) from the 92 onto the newer engine. That way everything should just plug in the same way.

The answer to the second (4.0 SOHC) is that, while theoretically possible, you would need to also swap all of the engine control equipment from the newer engine as well. You would also want to swap in the newer auto trans (if applicable) because the PCM also controls the trans functions. You would need to locate some items in different places (the PCM for example) so you may end up making new harnesses to reach. Long story short -- it wouldn't be practical for most people to attempt this.