The Wire library definitely does not support 3.4 MHz.
This speed isn't just a matter of clocking faster. It involves a special protocol. There is currently no software support.
As far as I know from NXP's documentation, the hardware is theoretically supposed to be capable. It's only a small matter of programming! (currently no plans to add this)
Oh, and special constant current pullup circuitry might be needed instead of ordinary cheap resistors. Maybe?