Hello Nitesh Kumar,
Similar to the RMII scenario I think the limitation here would also be the speed of the SDIO interface. Even normal speed would be slightly off range so perhaps a SDIO dedicated solution would better suit your needs. Depending on the processor used you may be able to change the voltage of the SDIO interface so no translation is needed. (For example, the i.MX6DQ allows for 1.8 or 3.3v operation.
My apologies for the inconvenience. I hope this helps!
Regards,
