Physically? Yes, they will bolt up.
That said, most suspension components (meaning shocks/struts and springs) are different between the two due to the difference in the weight of the car. Your car will probably not sit as low as the 540i with the same components because of the lack of weight of the V8, and it might not handle as good (although I can't see this part being bad enough to ever notice on the street).
If you're doing the work yourself, by all means try it; if you're paying someone else to do it ... I'm not sure.
Research the part numbers of the shocks and springs you have and see if people have used them or if they'll work ok as far as shock valving and what not.