compatible AM3 socket Processor for AM2 socket Moherboard?

I have a Dell Inspiron 531 Desktop

Processor:  AMD Athlon 64 X2 Dual Core Processor 4400+

Motherboard is a Dell Asus Model.

Motherboard Model No. M2N61-AX 

AM2 Processor Socket

Current BIOS version: 1.0.7 

Onboard Video Chipset: Nvidia GeForce 6150 SE nforce 430

Aftermarket Video card: Geforce 210

I have done an extensive amount of online searching in order to confirm if i will be able to purchase an AM3 socket Processor for my AM2 motherboard as i have been reading that certain models are backwards compatible with a potential BIOS update required. I have been trying to find one but so far to my search i have found too many conflicting perspectives. I was wondering if anybody could give me a definitive answer as to whether Dell has created a BIOS update for my model of motherboard and if so, would be able to insert any type of AM3 socket processor into my motherboard as I would like to update to a newer, faster, processor.

If anybody would happen to know if any hardware mods that i may have to do such as power supply upgrades or aftermarket Fan&Heatsink upgrades would be necessary that would be great. 

And if it is not possible to upgrade my model to an AM3 socket processor, could somebody help me find a list of all processors that are compatible with my motherboard and BIOS version. 

Im trying to maximize the potential of my computer for gaming and online video playing as I've had my PC since 2007 and its begun to become noticeably slower.

All help is greatly appreciated. 

Thank you.