It's not the engine running out of power, it's the ECM cutting you off. I'm not sure what speed it is on the Eldorado, but on the '91 DeVille the electronic speed controller limits you to 112mph. The Eldorado is probably the same, and your speedometer is off (they do that at high speed) or you snuck past the limiter temporarily, which has been done.
As for the answer to your question, yes, there is a chip. It is made by Fast Chip and costs around $150. There are other performance options available for the 4.9 - Do a search for my posts or look at my photo garage for ideas of what you can do.
And please, please do not go above 120mph on the stock rated tires. If you intend on going faster, get some higher rated tires - I have Fuzion HRi's which are H rated, and are much much better than stock, and are not expensive by any means. There are other options available, just look on Tire Rack.
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