Upgrade SQL Server 2008 R2 to SQL Server 2012 and then set up data replication to SQL Server 2016
Yes, you'll be able to configure Transactional Replication with 2012 as the Publisher and 2016 as the Subscriber. 

However, there are some changes made in replication procedures (that get created at subscribers to replicate transactions like INS, UPD &amp; DEL) in 2016 ,that you'll have to correct manually. I have done it earlier but now migrated to AlwaysOn according to requirement.