I doubt it. Sure in the next few years Russia will try its best to cozy upto China but as China expands its economy and sphere of influence they would gain very little from allying with Russia. With global warming competition for resources in the artic are going to heat of dramatically. Russia is domestically far weaker than it projects. Russia has been able to punch far above its weight (population/economy) due to its military and diplamatic manuvering. Sure Russia might have some fancy weapons but very few of them. 90% of their military is still of soviet origin.
China is far more interested in Africa than in Russia at the moment. The moment Russia is weak China will make its move and act on Siberia. Many of their top generals already have spoken on this.
US is already forseeing this as being a strong possibility. Russia will have no choice but to ally itself with US/Japan against China in the next decade.