I2C Communication to the Matlab from Sensor board(8051 µC)
No Matlab does not have this capability. Special hardware is required.

Here is an app note where an I2C temperature sensor is read from Matlab.
The "I2C2PC" is Serial-> I2C Master. You can control it from matlab.
This is only suitable if your devices are I2C slave.

If your device is I2C master, then what you should google for is an "I2C Uart"