This is not allowed according to google policies.
http://checkout.google.com/seller/policies.html
'Do not position or present Google Checkout as a form of payment equivalent to Visa, MasterCard, etc. Google Checkout aggregates existing payment types to allow buyers and merchants to transact. Google Checkout is not a form of payment that replaces or is equivalent to existing payment types and must not be presented as such. Buyers using the e-commerce provider's standard checkout flow should not, therefore, encounter a payment field drop-down with Google Checkout listed alongside payment types like Visa, MasterCard, American Express, etc. Instead, the buyer should have the option of selecting Google Checkout as a distinct checkout flow as required in 4b.'