I am planning to do a project with XUPV5 LX110T Board ( Open sparc processor). Will it be compatible with microblaze ?
Can you please give me some suggestions regarding the choice of processor ?
MicroBlaze is compatible with all (current) Xilinx FPGAs.
Without knowing any of your requirements, it is impossible for anyone here to give you any processor choice suggestions. Do you have any legacy code? Any experience with a particular architecture? Do you require vendor support? Do you want to use peripherals that require a particular kind of processor bus?
For what it's worth, OpenSPARC doesn't seem to be an especially popular choice on FPGAs.