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would this setting fit this stone?

It probably would. The wides part of your stone is 7.35mm and the setting takes between a 6-7mm stone. As the head itself is fairly plain i.e. no melee on the basket that would stop it from being adjusted, I think a good jeweller could make it fit.
 
It also depends on how worn the prongs are as well. Once prongs are used, they tend to be less secure for holding a stone, at least in my experience. A jeweler might also have to build up the prongs.
 
Could be an iffy fit; it'll depend on the condition of the prongs and if the jeweller feels it is durable enough to handle a bit more stretching beyond 7 mm. Any clue as to the depth of the setting? Coloured gemstones are typically deeper than diamonds and so sometimes, the gemstone has to be set higher up or into a slightly larger setting.
 
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