A third crew member survived by swimming to shore.
The Sunday Mirror reported the boat was traveling in heavy seas not far from shore early Saturday when it was hit by a huge wave. The British newspaper said a 24-year-old crew member swam to safety at Povoa de Varzim, 20 miles north of Oporto, but there was no sign of the other two men.
The trio had been sailing from Vigo in northwest Spain when the yacht, identified by media as either Water Waves or Waterwave, was overtaken by the storm.
While the Mirror said the missing men were 53 and 54, The Sunday Telegraph cited their ages as 23 and 52.
The Telegraph reported the wreckage of the yacht was recovered later Saturday, and the British Embassy in Lisbon, Portugal, had been given the names of the missing men and their families were being contacted.
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