It is forbidden to block the ball by jamming it with the feet, legs, etc., if this prevents an opponent from playing the ball (in accordance with the rules). The addition of the rule conformity is important, because it is a variant of dangerous play.
For a more values-based interpretation - players have to keep the ball 'in play' in a way that the other team can interact with, without posing a danger to the player(s) on your team.
As in this case the play is either unstoppable, or requires the other team to somehow extract the ball from between two players' chests, it's a fun theoretical loophole - but is not a fun or safe way of playing football if it became a commonplace strategy. In most cases, this would be seen as daring dangerous play - either the other team needs to kick it free, or jostle the players until they drop the ball, both of which are taking pretty significant risks of injury.