No, are only dialects and Portuguese Wikipedia have a police to support both variants pacifically, see more about it on http://pt.wikipedia.org/wiki/WP:LPT (in portuguese)

From: James Hare <messedrocker@...> Subject: Re: Proposal for Wikipedia in European Portuguese Newsgroups: gmane.org.wikimedia.foundation Date: 2006-07-03 02:02:25 GMT

The only reason why I can see two different Portuguese wikis is because the two (majority) versions -- European Portuguese and Brazillian Portuguese -- are very different. Are they?