Unless one of the huggers is gay and is intending it to be in a slightly romantic way, then no, not in the slightest. I had this conversation with an good friend of mine a few months back (for references sake, he's Asian and neither of us are gay). We were on break from school and were out getting lunch at a Korean market around the block. While I'm paying he comes up behind me and puts both arms around my neck and kind of just hangs on me, and proceeds to start talking to the cashier in Korean. When we were leaving I asked what they were talking about, and he said he wanted to see if I would freak out at another guy hugging me out of the blue. He went on to explain that in Japan and Korea guys hug on each other all the time as friends, and it's only in America that he's seen negative reactions towards doing it. Thankfully, I'm used to hanging on my close friends all the time for no reason, and vice versa, so it didn't really surprise me at all.
I think it's only guys who are insecure about their masculinity that find hugging another man to be gay. I know I'm not gay, so it doesn't bother me. Hell, another good friend of mine that I graduated with is gay and openly attracted to me, and I still don't have a problem giving him a friendly hug (which, I guess, makes it half gay going by what I said at the beginning of the post).