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Great question @shivbhutelar. While this isn’t supported at this time, there is an open GitHub issue in relation to this which you can subscribe to below:
https://github.com/WordPress/performance/issues/24
One shipped, it will be possible to bulk process all images to create and serve a WebP version.
Note also that if you prefer not to wait, there may be existing plugins that already provide such functionality if you browse through the plugin repository.
Hopefully the above is of use.