Yes, you can do it without problems.
Just be sure to use the same application package identifier ie com.companyname.appname as in your original application.
Then use the same license that you usually use.
You must release the new application as an update to the old application, but you can change anything else besides this.
You also need to make the new version number larger than the version number of current applications.
For users, this will look like a regular update, but in the background you will essentially replace the entire application.
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