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Indeed.
https://en.wikipedia.org/wiki/2015%E2%80%9316_UEFA_Champions_League
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The winners of the 2014–15 UEFA Champions League and 2014–15 UEFA Europa League are each given an additional entry if they do not qualify for the 2015–16 UEFA Champions League through their domestic league. Because a maximum of five teams from one association can enter the UEFA Champions League, if both the Champions League title holders and the Europa League title holders are from the same top three ranked association and finish outside the top four of their domestic league, the fourth-placed team of their association will be moved to the Europa League.
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No it cant happen. Whoever finishes 4th will lose out apparently, if it is not Liverpool or City. Lets hope City win the CL, Liverpool win the Europa and United finish 4th