Choosing the right web hosting service

I need some help with choosing the right type of hosting service.

I want to run a WordPress site with about 5000 articles and over 50 authors. The site is expected to be visited by more than 40 000 people a day.

Are the following parameters of hosting enough?:

Max. number od PHP proccesses: 5;
MySQL size: 1 GB;
PHP memory_limit: 128 MB;
PHP upload_max_filesize: 32 MB;
PHP post_max_size: 32 MB

I definitely need the site to work without problems, with no one experiencing 503 or such.

Thank you for helping