Can confirm with the collective here that it is possible.
Just make sure you pad it well. Most sparkling wine corks are held in place with a metal brace anyway (necessary even without considering this situation), so the fizz shouldn't cause your bag contents to be christened, if that is what you are scared of.
Impact on the bottle itself is obviously the issue at hand. I personally use a double layer of good bubble wrap, and the tops and bottom of the bottle well padded with clothes or other soft items. Each bottle individually padded (not padded together) and not against the sides of the luggage.
I probably have an overkill method compared to others, but I can attest to having moved much alcohol around in my checked bags for trips varying between 3 days to 3 fortnights, I haven't had a broken bottle yet. And I'm sure the bags that I've had the booze in have copped the spectrum of baggage handler abuse. Eh, who am I kidding, a lot of us here are pretty good at packing!
The only thing you'll probably have to worry about now is duty free limits.