Is there any way i can replace a AA alkaline battery with a rechargable one?

Yes, but you should avoid the rechargeable individual AA batteries because they are only 1.2-1.3 volts and your camera is designed for two1.5 volt batteries. Two rechargeable AAs = 2.6 volts at the most and you camera requires at least 3 volts. You need to get the battery specific to your camera. The size you need is called a CR-V3. Look for a CR-V3 with a high maH ratting, the higher the maH the longer it will last. You can get great deals on ebay, search CR-V3.