I am creating a task tracking project wherein the notification should go to the approvers dynamically before they could approve it. Can this be achieved using out of box feature?
You can use OOB Approval process inside the workflow. The approver's information should be stored in some place. The best option is to store it as part of the current item.
After each stage you can change the approver and start another approval process.
I have blogged on how to Approval Workflow with Dynamic Approvers
The Out of the box approval workflow has an initiation form that asks whose approval should be requested and creates approval tasks for these users, maybe this will work for you.
You can also develop a custom workflow with SharePoint Designer and, having 3 People fields on your list, create an approval task to each of the field's values.