Yes. By default, for HTML messages, click-tracking applies to all links are in <a> tags. To disable click-tracking on individual links, add a new parameter to the link tag, mc:disable-tracking.
The HTML link looks similar to this example:
<a href="http://linkthatshouldnotbetracked.com" mc:disable-tracking>Click here to confirm your email address</a>
The extra parameter is removed when the email is sent and no click-tracking is applied to this link.