Can. 351 §1. The Roman Pontiff freely selects men to be promoted as cardinals,** who have been ordained at least into the order of the presbyterate** and are especially outstanding in doctrine, morals, piety, and prudence in action; those who are not yet bishops must receive episcopal consecration.
According to canon law the norm is to select men who have already been ordained priests. The Pope can, of course, dispense from that. Cardinal Dulles was a priest when he was appointed a Cardinal but did not become ordained a bishop in accordance with the last part of the canon, it was dispensed by the Pope.
So while its not currently the norm, the Pope could either dispense someone from the requirement or he could change the canon altogether.
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