[Marcello]

Modernization of T-72M1 basic armor is likely to be difficult. The glacis can probably be upgraded without excessive problem, by undoing the welds and replacing the inner layers, but the turret front has the composites cast in according to the sources. Therefore you would have to machine away a significant chunk of the armor. More costly/troublesome than it is probably worth.
The T-72B/S is much more upgrade friendly.