Assuming the rumor of 192SM's is true(full chip, a 5090 will likely be cut down from that), this represents a 33% increase on AD102's 144SM's. If there was a shrink to 3nm, I dont think many people would question this could be done monolithic, but still being on 4nm, there's gonna be limited scaling here possible. It's still potentially possible if they take what minor process shrink they can, try and push on design density, and crank up the die size to 700mm²+. But I'd also question whether they could then also do a large L2 + 512-bit bus. Maybe one or the other, but I kinda doubt both unless it's gonna be some near 800mm² monster.
It's also possible the 192SM rumor part is untrue, and will be less. But then that would also really require Nvidia to provide a big increase in performance per SM(focus on clockspeeds over density) or else the 5090 wont represent that big of a leap over 40 series. I kinda like this option better just for potential pricing concerns of a 700mm²+ GPU...
I doubt the chiplet/MCM speculation as well for the reasons stated above by others. But it's not impossible Nvidia had simply already committed to this well ahead of time. Which would be great, and make some quite sky high specs within the realm of possible.