According to CPU World that Processor uses a Laptop Socket S1 (S1g1) which means you are able to upgrade the processor.
Here are a list from CPU World of processors related to your processor:
The problem you have is there is no way of knowing which of the above processors, even though they all will fit in your laptop Socket S1, will work or be recognized by the Motherboard.
The only way to find out is by opening a Acer Support ticket and ask them directly which processor your laptop is compatible with.
Without know that and you purchase a newer processor and have it installed it might not boot up. Possibly if you take it to a Computer shop they may be able to find out which processor your laptop supports.
