In a word - no. Imaging utilities such as Ghost or my personal favourite...Acronis TrueImage can split the image so it can be copied onto removable media, such as dvd, you set this up in the options before you create the image. From my experience with Acronis it generally compresses the image to about 50% of actual size. If you have 40Gb to backup, (or is that just the size of your drive?), it will probably need 5 dvd's once compressed.
Daniel.