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I have an iMac 27-Inch Mid-2011 Core i5 (i5-2400) 3.1 GHz is it possible to upgrade from Intel Core i5 CPU to Intel Core i7 if so which i7 do I need to look out for? Thank You

In terms of the value proposition, I am going to mirror the thoughts of @danj and @mayer. While you can do it, I would only do it if you are able to do source a complete system with the CPU or purchase one from a system that’s tested and known to work. While CPU’s rarely fail, they can fail and you will have to do so much work swapping it you’re better off paying more for a tested CPU. This isn’t your standard PC where you have access once the side panel is removed, so if the CPU is bad you will need to take the entire system apart again to replace the old CPU. You cannot find a new Sandy Bridge CPU unless someone bought one and never used it and are wiling to sell it to you as NOS. While I have my reservations on recommending this upgrade, the guide to do it can be found here. This isn’t for your exact iMac but the disassembly should be similar or the same. When you get to the motherboard, take your time to avoid breaking anything.

Both have an LGA 1155 (Socket H2)* 3.1 GHz Processor Type:Core i5 (I5-2400) Geekbench 2 (32):8357 Geekbench 2 (64):8878 3.4 GHz Core i7 (I7-2600) Geekbench 2 (32):11648 Geekbench 2 (64):12651 This upgrade appears to be worth the time and trouble. However the addition of an SSD or SSHD drive may give you a bigger bang for the buck.

While its possible, I don’t recommend it. You have a few things here that make this hard. First finding the correct chip 3.4 GHz Core i7 (I7-2600) is the only i7 chip that will work. Finding one new (unused) will be difficult! All I’ve been able to find are recovered chips which may not work. Its also a lot of work for not much gain.