Is there any way to achieve the master page concept of ASP.NET in PHP?
As other said, the way to go is to use a template engine. My preference goes to the Zend Framework, which is a bit more than just templates ;), but has a nice implementation of a layout with Zend_Layout that is very close to Master Pages in ASP.Net.
Check the quickstart guide to have an idea of how this works, and have a look at the full doc to see the possibilities offered by the framework. Plus, using the framework gives you a nice MVC architecture and SEO-friends rewritten URLs...