;May I ask why you want to do this?
In any case, the answer is yes. You need to create an explicit user for the login in the master and then DENY EXECUTE on sp_linkedservers to this user. This script illustrates:
USE master
go
CREATE LOGIN linkan WITH PASSWORD = 'ddgfd()'
CREATE USER linkan
go
DENY EXECUTE ON sp_linkedservers TO linkan
go
USE tempdb
go
EXECUTE AS LOGIN = 'linkan'
go
EXEC sp_linkedservers
go
REVERT
go
USE master
go
DROP USER linkan
DROP LOGIN linkan