Edit: See also Dave Jones' answer: from Python 3.3, you can use the x flag to open() to provide this function.
Original answer below
Yes, but not using Python's standard open() call. You'll need to use os.open() instead, which allows you to specify flags to the underlying C code.
In particular, you want to use O_CREAT | O_EXCL. From the man page for open(2) under O_EXCL on my Unix system:
Ensure  that  this  call  creates the file: if this flag is specified in conjunction with O_CREAT, and pathname already exists, then open() will fail.  The behavior of O_EXCL is undefined if O_CREAT is not specified.
When these two flags are specified, symbolic links are not followed: if pathname is a symbolic link, then open() fails  regardless of where the symbolic link points to.
O_EXCL  is only supported on NFS when using NFSv3 or later on kernel 2.6 or later.  In environments where NFS O_EXCL support is not provided, programs that rely on it for performing locking tasks will contain a race condition.
So it's not perfect, but AFAIK it's the closest you can get to avoiding this race condition.
Edit: the other rules of using os.open() instead of open() still apply. In particular, if you want use the returned file descriptor for reading or writing, you'll need one of the O_RDONLY, O_WRONLY or O_RDWR flags as well.
All the O_* flags are in Python's os module, so you'll need to import os and use os.O_CREAT etc.
Example:
import os
import errno
flags = os.O_CREAT | os.O_EXCL | os.O_WRONLY
try:
    file_handle = os.open('filename', flags)
except OSError as e:
    if e.errno == errno.EEXIST:  # Failed as the file already exists.
        pass
    else:  # Something unexpected went wrong so reraise the exception.
        raise
else:  # No exception, so the file must have been created successfully.
    with os.fdopen(file_handle, 'w') as file_obj:
        # Using `os.fdopen` converts the handle to an object that acts like a
        # regular Python file object, and the `with` context manager means the
        # file will be automatically closed when we're done with it.
        file_obj.write("Look, ma, I'm writing to a new file!")