No... but if Polaris 10 is in the 125 mm2 range, it'd make sense if it was in the 175-200 mm2 range. Performance comparable to Grenada.
I'd expect a bigger gap than that, considering that AMD is only going to have two FinFET GPUs this year to cover their lineup. Why would they position them so close together? In first-gen 28nm we saw Cape Verde at 123mm^2 and Pitcairn at 212mm^2. We're pretty much all expecting Polaris 10 to be about the same die size as Cape Verde, so I would be surprised if Polaris 11 is any smaller than Pitcairn. I agree that the performance of Polaris 11 will probably land around what we currently get from Hawaii/Grenada, maybe a little better due to architectural improvements.
As for Nvidia's GP104, remember that a '4'-series chip has to be able to beat the last generation's '0'-series chip, and by a decent margin. Thus, GP104 has to surpass GM200 (GTX 980 Ti / Titan X), and not just by a hair. That is going to require a chip no smaller than 325mm^2. Even this is stretching it, since GM204 is 398mm^2. The memory controllers can save some space by staying at 256-bit and going to GDDR5X for more bandwidth, but doubling the shader count to 4096 and ROP count to 128 is going to need lots of transistors. And that's what is going to have to happen to beat GM200, since by most accounts, Pascal won't see too many architectural improvements over Maxwell, and those it does see will mostly be compute-focused.