In my opinion you are asking to much and I never seen such an option on any game I played. It might be but I never saw one.

Just to make it clear, it will do more worst then good, for example you might want to speak English in your chat box but because you are from Romania the game will translate it to Romanian or what country you are from.

Also the translations won't be accurate and even worst, we all know how people usually write in the chat, very sloppy and the bot won't be able to translate a lot of words because of this.

Plus even Google Translate who is very likely the best one is still full of errors.

The idea doesn't sound so bad but I don't see it as a must. You can use other tools for example to copy the text and translate it manually.