It is possible since Django 1.3 if you add {% load url from future %}
to your templatetag:
{% load url from future %}
<iframe src="{% url conditional_URL arg1 arg2 %}">
</iframe>
In Django 1.5 it is no longer necessary to add {% load url from future %}
.
See the "Forwards compatibility" in the Django Documentation for the url
templatetag for more information