Formal:
* Impractical
* Unfeasible
* Infeasible
* Unattainable
* Utopian
* Inconceivable
* Improbable (less extreme than impossible)
Informal:
* Out of the question
* No way
* Not a chance
* Unthinkable
* Beyond the realm of possibility
Figurative:
* A pipe dream
* A long shot
* A wild goose chase
The best word to use depends on the specific situation and the level of formality you require.