Is it possible to add new codec's to ffmepg? i searched a bit and was not able to find any concrete answer about this. If possible, Can i know the steps?
Answer
You have to add it to the library internally; the wiki linked to in that comment (not an answer?) http://wiki.multimedia.cx/index.php?title=FFmpeg_codec_howto is a good place to start, and also check https://ffmpeg.org/developer.html#New-codecs-or-formats-checklist.
Most internal utilities aren't exported, so it's not as if external codec support would be useful.