I am using PNG image but its size is getting too big so I have to compromise with its quality. So i was thinking vectors may be the another way around ? Example will be a gr
UPDATE 2020
Yes, it is definitely possible. But let Android Studio take care of icon creation. Otherwise you will be at risk of not supporting older Android versions (check other answers).
So how to create the right files with Android Studio:
Android studio will create all the correct files needed.