The answer is "yes they will work".
Go to the following web site and utilize the tire size calculator and you can see the difference between the two tires.
Tire size calculator
According to the calculations the specs on the two size tires seem to be pretty close.
265/70/16=sidewall 7.3 in>>radius 15.3 in>>diameter 30.6 in
245/75/16=sidewall 7.2 in>>radius 15.2 in>>diameter 30.5 in
Speedometer will be 0.5 mph too fast (when your speedometer says 60 mph you will actually be traveling 59.7mph ).